ANZ Personal Loan Insurance POLICY DOCUMENT EFFECTIVE 6 JUNE 2015

ANZ Personal Loan Insurance POLICY DOCUMENT EFFECTIVE 6 JUNE 2015

Contents Welcome 1 Financial strength rating 1 Introduction 1 Purpose 1 This Policy 2 Important 2 30 day free-look period 2 Policy Ownership 2 1. Benefits what you are insured for 2 Life Cover or Terminal Illness 2 Total Temporary Disability 2 Redundancy or Bankruptcy 2 2. Exclusions when we will not pay 3 Life Cover, Terminal Illness and Total Temporary Disability exclusions 3 Additional Total Temporary Disability exclusions 3 Redundancy exclusions 3 Bankruptcy exclusions 3 3. Claims 4 How to make a claim 4 For Life Cover or Terminal Illness claims 4 For Total Temporary Disability claims 4 For Redundancy or Bankruptcy claims 4 Your obligations 5 4. General conditions 5 When the Policy starts 5 Premium 5 When the Policy ends 5 No surrender value 5 5. Other important information 5 Jurisdiction and currency 5 Statutory Funds 5 Privacy Act 1993 & Health Information Privacy Code 1994 5 Contact details 5 6. Meanings of words 6 If you have a concern 6 Welcome Thank you for choosing ANZ Personal Loan Insurance. ANZ Bank New Zealand Limited ( ANZ ) and OnePath Life (NZ) Limited ( OnePath ) are committed to providing you with quality insurance and excellent customer service. Please note that references to we, us and our in this Policy Document refer to the Insurer, OnePath, as stated in the definitions. You are the person named in the Policy Schedule as the Person(s) Insured, as stated in the definitions, and you re referred to as you or your. Financial strength rating ANZ Personal Loan Insurance is underwritten by OnePath. OnePath has an AA- (Very strong) insurer financial strength rating from Standard and Poor s (Australia) Pty Limited. Standard and Poor s rating scale is: AAA AA A BBB BB B CCC CC Extremely strong Very strong Strong Good Marginal Weak Very weak Extremely weak SD or D Selective default or default R NR Regulatory action Not rated Ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. The descriptions of the rating categories are abbreviated. Full descriptions are available from Standard and Poor s at www.standardandpoors.com No member of ANZ Bank New Zealand Limited and its related companies, or any other person guarantees OnePath or any of the products issued by it. A copy of OnePath s most recent financial statements is available upon request. Introduction You have entered into a finance agreement with ANZ Bank New Zealand Limited or one of its related companies as that term is defined in the Companies Act 1993 and desire to insure the repayment of this finance agreement. The details of the finance agreement are set out in the Policy Schedule. Should any of the insured events happen to you during the period of cover, OnePath will pay the benefits applied for to ANZ Bank New Zealand Limited or its nominee on account of you, subject to the terms, conditions and exclusions of this Policy Document. Purpose The purpose of this ANZ Personal Loan Insurance is to repay your loan if you die or to cover your normal minimum loan repayments if you are unable to work due to Total Temporary Disability or Redundancy, or if you are declared Bankrupt. Redundancy/Bankruptcy cover only applies if you have selected this cover and it is specified in the Policy Schedule.

This Policy This Policy is a contract between OnePath, the Policy Owner and you. Your insurance contract is made up of: The Lending Application Conditions; and The Policy Schedule; and This Policy Document. Important Please read this Policy Document and the Policy Schedule to ensure the information is correct. If there are errors of any sort, or if further clarification is required, please contact ANZ Insurance on 0800 658 585. This product is underwritten by OnePath. No member of ANZ Bank New Zealand Limited guarantees OnePath or any of the products issued by it. We recommend this Policy be kept in a safe place. You should tell your lawyer, executors and/or family where this Policy is kept. In the event of a claim you may be required to produce these documents. 30 day free-look period If you are not completely satisfied with this Policy, it may be cancelled within thirty (30) days from the Policy Commencement Date, specified in the Policy Schedule. The Policy Owner must request cancellation in writing. OnePath will cancel the Policy and provide you with a full refund of premium paid. Policy Ownership The Policy Owner is ANZ Bank New Zealand Limited. 1. Benefits what you are insured for Life Cover or Terminal Illness If you die or develop a Terminal Illness whilst this Policy is in force, and all the claim requirements are met we will pay the Life Cover Benefit, which is calculated as being the outstanding balance of the initial amount borrowed together with interest accrued to the date of death or accepted claim for Terminal Illness but excluding arrears of instalments in excess of two (2) calendar months still outstanding from time to time under the Loan agreement. Any proceeds payable on the death of the Person(s) Insured will be applied to reduce or extinguish the indebtedness of the Loan covered by this Policy. Total Temporary Disability If you suffer from Total Temporary Disability while this Policy is in force, and all claim requirements are met, we will pay 1/30th of your Monthly Instalment for each day (including the first seven (7) days) that you are disabled, provided that: The Total Temporary Disability results in you being diagnosed by a Registered Medical Practitioner as being unable to work any hours; The Total Temporary Disability requires regular treatment from a Registered Medical Practitioner or, if confined to hospital or bed at home, such confinement is certified as necessary by a Registered Medical Practitioner; No benefit shall be payable in respect of any period of Total Temporary Disability that does not exceed seven (7) consecutive days; If you return to Full Time Employment (or Selfemployment) following Total Temporary Disability covered under this Policy and subsequently suffer Total Temporary Disability from the same, similar or related condition or event and such reoccurrence occurs within ninety (90) days of resuming Full Time Employment (or Self-employment) then such Total Temporary Disability will be deemed to be the same claim and will not be subject to another seven (7) day wait period. Redundancy and Bankruptcy If you are made Redundant or Bankrupt while this Policy is in force, and all the claim requirements are met, we will pay 1/30th of your Monthly Instalment for each day (including the first thirty (30) days) of your Redundancy or Bankruptcy provided that: You have applied for Redundancy/Bankruptcy cover, and it is specified in the Policy Schedule; The commencement date for Redundancy is defined either as the date you registered with the appropriate employment agency for your occupation or the date you ceased work due to Redundancy (whichever is the later); Redundancy and our obligations to pay the Redundancy Benefit will end when you re-commence Full Time Employment (or Self-employment); No benefit shall be payable unless we have received a correctly completed claim form, copies of job applications and responses and you have registered with an appropriate employment agency for your occupation, proof of which must be supplied to us; No benefit shall be payable unless you have satisfied us that every endeavour is being made to obtain Full Time Employment (or Self-employment) (this includes during your thirty (30) day wait period); No benefit shall be payable in respect of any period of Redundancy that does not exceed thirty (30) consecutive days; The benefit payable shall be limited to a maximum aggregate period of one hundred and eighty (180) consecutive days for each period of Redundancy; Before each period of Redundancy claimed you must have been in Full Time Employment with the same current employer for at least one hundred and eighty (180) consecutive days. Bankruptcy cover only applies if you are in Self employment. Bankruptcy begins when you are adjudged bankrupt by a court or a liquidator is appointed to your company either voluntarily or by court order. Only one claim for Bankruptcy can be made during the term of this Policy. The Bankruptcy benefit will cease on payment of a Bankruptcy claim. 1 2

2. Exclusions when we will not pay Life Cover, Terminal Illness and Total Temporary Disability exclusions No benefit will be paid under the Policy if you commit or attempt to commit suicide in the thirteen (13) months after the Policy Commencement Date, or if applicable, the date the Policy is reinstated; No benefit will be paid if the death, Terminal Illness or Total Temporary Disability is as a result (either directly or indirectly) of any Pre-existing Condition; No benefit will be paid if the death of the Person(s) Insured is caused by war, invasion, act of foreign enemy or enemies, hostilities (whether war is declared or not) civil war, military or usurped power, rebellion, revolution, insurrection, riot or civil commotion. No benefit will be paid under this Policy in connection with your participation in any unlawful act. No benefit will be paid if at the date of the event of the claim you are not legally entitled to live, or to work in Full Time Employment (or Self-employment), in New Zealand. Additional Total Temporary Disability exclusions Total Temporary Disability does not include disability caused: By attempted suicide, self-inflicted injuries or illness or intentionally contracted bacteria or virus; or While you are under the influence of an intoxicating substance or non-prescribed drugs. Redundancy exclusions No Redundancy claim will be paid in respect of your inability to engage in Full Time Employment caused by or resulting from: Redundancy caused by or resulting from a strike or labour dispute in which your employer or you are involved; or Redundancy sustained by you whilst engaged in temporary, casual, seasonal, part-time or relief work; or Redundancy caused by your voluntary resignation or retirement, or the closure or sale of your own business. No Redundancy claim will be payable if written or verbal notification of Redundancy is received by you before, or within ninety (90) days of, the Policy Commencement Date. No Redundancy claim will be paid whilst you are living or working outside New Zealand. If you are working in New Zealand you must be legally entitled to work in Full Time Employment in New Zealand. Bankruptcy exclusions No Bankruptcy claim will be payable if the Bankruptcy occurs within one hundred and eighty (180) days of the Policy Commencement Date. No Bankruptcy claim will be paid whilst you are living or working outside New Zealand. No Bankruptcy benefit will be payable if you voluntarily make an application to a court and are adjudged bankrupt. Total Temporary Disability does not include disability in respect of an occurrence attributable either wholly or in part to: Sexually transmitted diseases; or Acquired Immune Deficiency Syndrome (AIDS) or infection by any Human Immunodeficiency Virus (HIV); or The normal effects of pregnancy, childbirth or miscarriage; or Medical or surgical treatment except where such treatment is rendered necessary by an insured event. No Total Temporary Disability claim will be paid in respect of any occurrence happening to you whilst living or working outside New Zealand.

3. Claims How to make a claim In the event of any claim, please contact: ANZ Insurance Private Bag 92131 Victoria Street West Auckland 1142 Phone: 0800 658 585 So that claims can be dealt with as quickly as possible, the claimant should notify ANZ Insurance as soon as possible. For Total Temporary Disability and Redundancy/ Bankruptcy claims, the claimant should notify us within one hundred and eighty (180) days of the grounds for making a claim occurring. If a claim is not submitted within this time limit, we may choose not to accept the claim. We are able to choose not to accept a claim if late notification means that we can t assess your claim properly (for example, because evidence we need to assess your claim has been lost or is unavailable). Full and accurate answers to all questions, and prompt receipt of all claim forms and subsequent medical or Redundancy reports, will aid prompt assessment of your claim. All benefits will be payable to ANZ Bank New Zealand Limited or its nominee. We shall only be liable for payment under any one benefit of this Policy at a time. The maximum amount payable under this Policy shall not exceed the amount of the Loan as specified in the loan agreement. The cost of completing any claim forms required is at the claimant s expense. For Life Cover or Terminal Illness claims A death or Terminal Illness claim will only be considered under this Policy if at the date of the event of the claim you are legally entitled to live, or work in Full Time Employment (or Self-employment) in New Zealand. On payment of a death or Terminal Illness claim the Policy will cease. In no circumstances will both the death and Terminal Illness claim be paid for the same Person(s) Insured. For Total Temporary Disability claims A claim will only be considered under this Policy if at the date of the event of the claim you are residing in New Zealand and are legally entitled to work in Full Time Employment (or Self-employment) in New Zealand. Subject to the terms of this Policy, the payment of your claim will be made for the period that your Registered Medical Practitioner has certified you as being medically unfit to work, or were confined to hospital or bed at home, as certified by a Registered Medical Practitioner, due to Total Temporary Disability. A claim will not be accepted or payable during your seven (7) day claim wait period, however a claim can still be lodged during the claim wait period and, if accepted, will be payable from the first day your claim wait period expires. The first claim payment will include those first seven (7) days. The Total Temporary Disability Benefit shall cease on the earliest of the following events: you return to your previous Full Time Employment (or Self-employment); or you commence new employment for which you are reasonably suited by your education, training or previous work experience; or a Registered Medical Practitioner declares that you are medically fit to resume Full Time Employment (or Selfemployment) regardless of the availability of such Full Time Employment (or Self-employment); or if you had no Full Time Employment (or Self-employment) prior to going on claim, you are no longer confined to a hospital or bed at home, as certified by a Registered Medical Practitioner. OnePath may, at its sole discretion, decline to pay a claim or may immediately cease payment of the Total Temporary Disability Benefit if you refuse any medical or surgical treatment, or to follow a suitable rehabilitation programme recommended by a Registered Medical Practitioner, or appropriate specialist. For Redundancy or Bankruptcy claims A claim will only be considered under this Policy if at the date of the event of the claim you are residing in New Zealand and are legally entitled to work in Full Time Employment (or Self-employment) in New Zealand. You are required to register with an appropriate employment agency for your occupation and provide proof of that. The commencement date for Redundancy is defined either as the date you registered with an appropriate employment agency, or the date you ceased work (whichever is the later). Where you have been made Redundant from a fixed term employment contract a Redundancy claim will only be paid up to the original expiry date of the fixed term employment contract or the maximum aggregate claim period (whichever is the lesser). A claim will not be accepted or payable during your thirty (30) day claim wait period, however a claim can still be lodged during the claim wait period and, if accepted, will be payable from the first day after your claim wait period expires. The first claim payment will include those first thirty (30) days. 3 4

Your obligations You are required to authorise any hospital, medical institution or medical practitioner who has treated or examined you or any firm who has employed you, or any firm, through which you have claimed compensation, or any other insurance company, to provide us with any information we may request in respect of investigating a claim. All information you provide when making a claim, or during the course of a claim while we are paying a benefit under this Policy, must be complete and correct. If any information provided is incomplete or incorrect, or if you or others have not given us information that you or they know or a reasonable person in the circumstances would be expected to know which is relevant to our decision to accept your claim, we may decline to accept your claim and avoid or cancel this Policy. If we have already paid the claim, we can recover from you the amounts we have paid. 4. General conditions When the Policy starts Insurance cover starts on the date of Loan drawdown specified in the Policy Schedule. Premium The premium is specified in the Policy Schedule and is payable to OnePath. A single premium payable in advance is required to arrange ANZ Personal Loan Insurance. You are not required to pay any further premiums during the term of this Policy. We will refund premiums paid in accordance with the rebate of premium formula as detailed in Regulation 7 of the Credit Contracts and Consumer Finance Regulations 2004. If: you repay the loan early or request to cancel this Policy; or the Policy is cancelled following notification from the Policy Owner. When the Policy ends The Policy will end on the earliest of: The expiry date shown in the Policy Schedule; or The repayment of the Loan; or The tenth (10th) anniversary of the Policy Commencement Date; or The death of the Person(s) Insured or payment of a Terminal Illness claim; or Cancellation of the Policy following notification from the Policy Owner. 5. Other important information Jurisdiction and currency This Policy shall in all respects be governed and interpreted according to the laws of New Zealand. All money referred to in this Policy is expressed and payable in New Zealand dollars. Statutory Funds This Policy forms part of the OnePath Life Statutory Fund established and maintained by OnePath Life (NZ) Limited under the Insurance (Prudential Supervision) Act 2010. The statutory fund relates solely to our life insurance business and is established separately in our records for that purpose. Your premiums will be placed in, and any benefits paid from, this statutory fund. Privacy Act 1993 & Health Information Privacy Code 1994 OnePath may use personal information collected from you/the Policy Owner for the purpose of meeting OnePath policy requirements. Pursuant to the Privacy Act 1993 and the Health Information Privacy Code 1994, you may request access to and correction of any personal information held by OnePath by making a written request to ANZ Insurance, PO Box 787, Wellington 6140. A fee may be payable. Contact details ANZ Insurance PO Box 787 Wellington 6140 Customer Care and Claims: 0800 658 585 No surrender value This Policy does not have a surrender value and does not participate in the profits or share in the surplus of OnePath.

6. Meanings of words Definitions explain words frequently used in the Policy Document where the first letter of each term/word is capitalised. Bankruptcy (Self-employment only) means: Where your business is a company, a court order is made for its liquidation, dissolution or winding up (other than for the purpose of reconstruction or amalgamation or if the company is solvent); or Where your business is not a company, a court order is made adjudging you bankrupt. Full Time Employment means permanent employment for salary or wages by a single employer on a permanent basis for at least twenty (20) hours per week. Lending Application Conditions means the Lending Application Conditions for Personal Loans which is provided at the time of application for the Loan. Life Cover Benefit means the Life Cover Benefit specified in the Policy Schedule, or the balance of the Loan at the date of death or accepted claim for Terminal Illness, whichever is the lesser. Loan means the Loan specified in the Policy Schedule. Monthly Instalment means the minimum normal monthly repayment required as part of the Loan agreement. Person(s) Insured means the Person(s) Insured named in the Policy Schedule. Policy means the contract between you and OnePath and comprises the Lending Application Conditions, this Policy Document and Policy Schedule. Policy Commencement Date means the date of Loan drawdown specified in the Policy Schedule. Policy Document means this document. Policy Owner(s) means ANZ Bank New Zealand Limited. Policy Schedule means the schedule forming part of this Policy and where the schedule has been replaced or amended by OnePath means the schedule as amended or replaced. Pre-existing Conditions means any illness (including mental illness), bodily injury or condition, whether existing, diagnosed or in remission for which you have, or could reasonably have been expected by ANZ and/or OnePath to have sought or received, medical examination, advice, treatment or hospitalisation before the commencement date of the Policy. Redundancy means involuntary loss of Full Time Employment (other than by dismissal or resignation) suffered by you and attributable to the position of employment becoming superfluous to the needs of the employer. Redundancy Benefit, if selected, means the Redundancy Benefit specified in the Policy Schedule. Registered Medical Practitioner means a person registered as a medical practitioner with the Medical Council of New Zealand, and who is not you, your partner or a relative. Self-employment means, in respect of a Person Insured, employment by a company of which that Person Insured (or that Person Insured s immediate family) has direct or indirect control, or the Person Insured works for himself or herself in the capacity of a self-employed contractor, sole trader, partner in a partnership, or otherwise, for remuneration for 20 hours or more per week. Terminal Illness means diagnosis of an advanced or rapidly progressive incurable illness in the Person(s) Insured where two (2) medical specialists (one (1) appointed by us) agree that the life expectancy of the Person(s) Insured is no greater than twelve (12) months from the date of diagnosis. Total Temporary Disability means total and continuous disablement caused by; Any illness; or Bodily injury caused solely and directly by violent, accidental, external and visible means; and that disablement completely stops you from engaging in or attending to your usual Full Time Employment, Self-employment or any employment for which you would be reasonably suited by your education, training or previous work experience for a period of at least seven (7) consecutive days. This means that you must not undertake (or be able to undertake) any hours of work of your usual Full Time Employment, Self-employment, or any employment for which you would be reasonably suited by your education, training or previous work experience. Alternatively, if you have no Full Time Employment or Selfemployment, results in confinement to a hospital or bed at home, as certified by a Registered Medical Practitioner. Total Temporary Disability Benefit means the Total Temporary Disability Benefit specified in the Policy Schedule. We or us or our or OnePath means OnePath Life (NZ) Limited as the underwriter of this Policy. You or Your is the person named in the Policy Schedule as the Person(s) Insured. If you have a concern While we make every effort to get things right, questions do come up and problems may sometimes occur. We have in place a queries or complaints procedure that is intended to resolve any problem quickly and fairly. In order to avoid delay in solving a problem to your satisfaction, please follow the steps listed below: 1. If at any stage you have any queries or concerns with your Policy, you should raise these with ANZ Insurance in the first instance: ANZ Insurance PO Box 787 Wellington 6140 Freephone: 0800 658 585 2. If you are not satisfied with the way ANZ Insurance resolves any enquiry or complaint, you can refer this to the Insurance and Savings Ombudsman, PO Box 10-845, Wellington 6143. Freephone 0800 888 202. 5 6

anz.co.nz ANZ Bank New Zealand Limited A1215 05/15