AIA Real Business - Life Cover Policy Wording

BCP-LC-05/2026

Business Cover Professional - Life Cover

SECTION A - BUSINESS COVER DEFINITIONS

DEFINED TERMS

In this Policy certain words have particular meanings. These words are in Bold and the meanings set out below. Interpretation Throughout this Policy ‘ We ’, ‘ Our ’, ‘ Us ’ or ‘ AIA New Zealand ’ means AIA International Limited - New Zealand Branch, and/or any related and/or authorised companies and/or agents (including company officers acting in the scope of their authority). ' You ' or ' Your ' means the Policy Owner(s) . Benefit(s) Means the Benefit specified in the Policy Schedule (and subject to the terms and conditions of this Policy ). Civil Union Means a Civil Union as defined in the Civil Union Act 2004. Close Relative Means a relative who is the Life Assured's spouse, Civil Union or de facto partner, mother, father, step mother, step father, brother, sister, step brother, step sister, child, grandfather or grandmother. Consumer Price Index Increase Means any increase in the index published by the Statistics Department of New Zealand for "All Groups" as at 30 September each year (or the nearest equivalent index should this index be replaced). Full-Time Care Means having primary responsibility and actively undertaking, whether shared or alone, the day-to-day care of persons who cannot safely take care of themselves without supervision. Home Country The country in which the Life Assured was born or, their country of permanent residence. Life Assured Means the person or people insured for the Benefit(s) as listed in Your Policy Schedule . Manifested Means that symptons have arisen which cause an ordinarily prudent person to seek diagnosis, care or treatment, or that medical advice or treatment has been recommended by or received from a Medical Practitioner .

Marriage Means a Marriage as defined in the Marriage Act 1955.

Medical Practitioner Means any person approved by Us and registered with the Medical Council of New Zealand to render medical or surgical services, who holds an Annual Practising Certificate. For a Diagnosis made outside New Zealand, this definition covers any appropriately qualified medical professional approved by Us . This definition excludes any person who is himself/herself the Life Assured , the Policy Owner , the spouse, de facto spouse, Civil Union partner, lineal relative, or business partner/associate of the Life Assured or Policy Owner . Policy Means this contract of insurance between You and Us . It includes the following parts: • Your application for insurance; and • this Policy wording; and

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the Policy Schedule ; and

•

• any addendum to the Policy Schedule ; and • any other written notice that We give You ; and • any written notice that You give Us .

Policy Anniversary Date Means the anniversary of the Policy Commencement Date .

Policy Commencement Date Means the commencement date of the Policy as specified in Your Policy Schedule . Policy Owner Means the Policy Owner identified in the most recent Policy Schedule issued to You by Us . Policy Schedule Means the most recent Policy Schedule issued to You by Us , including any endorsements or special conditions. Policy Year Means the twelve (12) month period which starts from the Policy Commencement Date and ends on the First Anniversary Date . Each subsequent Policy Year is from Policy Anniversary Date to Policy Anniversary Date . Premium Means the Premium specified in Your Policy Schedule or in any subsequent notice issued to You by Us . Premium Guarantee Period Means the period of time specified in Your Policy Schedule during which the Premium Rates applicable to Your Policy are guaranteed not to increase. Premium Rates Means the underlying Premium Rates We use to calculate Your Premium based on factors including the age, health, occupation and circumstances of the Life Assured . Registered Medical Specialist A medical specialist in an appropriate discipline who is a member of a recognised specialist college and vocationally registered with the Medical Council of New Zealand in that speciality. This excludes general practitioners (who are considered to be registered medical practitioners). For diagnoses made outside New Zealand, this definition covers any appropriately qualified medical professional approved by Us . This definition excludes any person who is himself/herself the Life Assured , the Policy Owner , the spouse, de facto spouse, Civil Union partner, lineal relative, or business partner/associate of the Life Assured or Policy Owner . Sum Assured Means the Sum Assured for the Benefit(s) as set out in Your Policy Schedule. Total Premium Means the sum of the Premium and policy fee together with any applicable GST as specified in Your Policy Schedule .

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SECTION B - LIFE COVER BENEFIT FEATURES

JURISDICTION AND CURRENCY

The laws of New Zealand apply to this Policy . The New Zealand courts have exclusive jurisdiction. All monetary amounts referred to in this Policy are expressed and payable in New Zealand dollars and include GST. A When You apply for insurance with AIA New Zealand and when You make a claim on the Policy , You have a legal duty of

RESPONSIBILITY FOR TRUTHFULNESS

disclosure to AIA New Zealand . The duty of disclosure means that:

1. All the statements that You or any Life Assured make to AIA New Zealand (both written and oral), including the answers in: a. the application; b. any claim made by You ; and c. any other communication by You or any Life Assured with AIA New Zealand ; must be complete, true and correct. 2. You and any Life Assured must disclose everything that You or any Life Assured know, or could reasonably be expected to know, that is relevant to AIA New Zealand’s decision whether: a. to accept Your application for insurance, on what terms AIA New Zealand will accept it and how much it will cost; or b. to accept Your claim on the Policy . 3. This duty of disclosure in relation to Your application for insurance continues from the time You complete the application until either: a. the Policy Commencement Date or the date AIA New Zealand accepts Your application for insurance, whichever is later; or b. AIA New Zealand declines Your application for insurance. 4. You and any Life Assured also have the same duty of disclosure to AIA New Zealand throughout the term of the Policy whenever You or any Life Assured communicate with AIA New Zealand and whenever You extend, vary or reinstate Your insurance. IMPORTANT If You or any Life Assured do not comply with Your duty of disclosure, AIA New Zealand may at its discretion do any or all of the following: 1. Decline any claim that You make; 2. Alter the terms of any Benefits under the Policy ; 3. Remove any Benefits under the Policy ; 4. Void Your Policy from the Policy Commencement Date ; 5. Retain all Premiums , policy fees and recover any Benefits paid; 6. Terminate this Policy . If You are not sure whether You are required to disclose a particular fact, please ask AIA New Zealand or Your insurance adviser. B If the age of the Life Assured was misstated in the application, the amount payable under this Policy will be adjusted to the amount that the Premiums would have purchased if the correct age had been disclosed.

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PREMIUM RATES

No increase in Premium Rates will apply to this Policy as a result of change in the health, occupation or circumstances of the Life Assured . However, We have the right to review at any time and from time to time the Premium Rates and handling fees applicable to all Business Cover Professional Life Cover policies and to apply the reviewed rates and fees to this Policy at the commencement of the next Premium Guarantee Period . With Our agreement the annual Total Premium may be paid by equal fortnightly, monthly, quarterly or half-yearly instalments but with such handling fees as We shall determine from time to time. We may cancel this arrangement at any time in respect of future Total Premiums . You may apply to Us to change the Premium or Benefits attributable to this Policy . Subsequent to this, We may change the Premium and/or alter any Benefits under this Policy in accordance with this instruction. We will charge You a policy fee, which forms part of Your Total Premium . The policy fee is used to pay the ongoing administration costs of this Policy . The policy fee is specified in Your Policy Schedule . We may change this policy fee from time to time. If this occurs any such change will be notified to You in writing. The term of this Policy and the period of assurance covered by each annual Total Premium , or instalment of annual Total Premium , terminate on the due date of the next annual Total Premium or instalment. A thirty (30) day grace period is allowed after the due date for payment of each Total Premium . This Policy will automatically terminate if the Total Premium is not paid before the expiration of the grace period. In such an instance this Policy can be reinstated subject to: • Our consent; and • such evidence of continued good health of the Life Assured as We may require; and • the payment of all Total Premiums in arrears together with such interest thereon as We may decide. We may vary your Benefits , charge additional Premiums or not allow You to reinstate the Policy if the health, occupation, financial position or pastimes of the Life Assured have changed. This Policy will terminate and We shall not be liable to pay the Sum Assured if the Life Assured , whether sane or insane, dies by his or her own hand within thirteen (13) months after the Policy Commencement Date or the date of last reinstatement or increase. This clause applies separately to each Benefit or increase (other than Consumer Price Index Increases ) of this Policy . Unless previously terminated, this Policy shall terminate on the earliest of: A The anniversary of the Policy Commencement Date following the Life Assured attaining age One Hundred (100). B Payment of the Life Cover Benefit due to Terminal Illness in accordance with Clause 11 “Terminal Illness Benefit ” under Section C of this Policy .

PREMIUM PAYMENTS

POLICY FEE

PERIOD OF ASSURANCE

SUICIDE

TERMINATION

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C Written notification of cancellation from You to Us at any time. D Non-payment of Total Premium as set out in Clause 6 “Period of Assurance” above. E Death of the Life Assured . When the Life Assured dies We will pay You the amount of interest to which You would be entitled under any legislation in force governing payment of interest under life insurance policies. If this Policy is avoided or is terminated under any of the terms and conditions of this Policy , all Total Premiums paid shall be absolutely forfeited to Us . Cover under this Policy applies twenty-four (24) hours a day, anywhere in the world. If you are overseas during the period of a claim, Benefits will be paid in New Zealand currency. This Policy is the entire contract of insurance between You and AIA New Zealand . It comprises the following parts: • Your application for insurance; and • this Policy wording; and • the Policy Schedule ; and • any other written notice that AIA New Zealand gives You ; and • any written notice that You give Us . In the event of any changes in taxation after the Policy Commencement Date which affects the Benefits or Our liability, We may make such amendments or modifications to the Premium and Benefits and this Policy as We consider appropriate. If there is more than one (1) Life Assured shown on the Policy Schedule , We will pay the Life Cover Benefits for each Life Assured . The amount of the Benefit payable will be the Sum Assured payable for that person under this Policy . The Life Cover Benefit will end when all Lives Assured have died, and to the extent a Life Cover Benefit is payable in respect to each of them, that Benefit has been paid.

SETTLEMENT OF BENEFITS

FORFEITURE OF PREMIUMS

WORLDWIDE COVER

ENTIRE CONTRACT 12

TAX CHANGES

DEATH BENEFITS PAYABLE WHERE THAN MORE THAN ONE (1) LIFE ASSURED

GENERAL

15 A

This Policy does not participate in bonus distributions or acquire a cash surrender, loan or maturity value.

B Where this Policy refers to an Act of Parliament, this includes any Regulations made under it. It also includes any Act or Regulations enacted in substitution. C Your life insurance Policy is part of the AIA New Zealand Statutory Fund, effective 1 st September 2013. This is a requirement under the Insurance (Prudential Supervision) Act 2010, for policyholder protection. To enable You to consider the Policy in detail You will have a free look period of fourteen (14) days after You receive Your Policy document. During this period, if You decide that the Policy does not suit Your needs then You may return it to Us and receive a full refund of all Total Premiums paid and the Policy will be cancelled.

FREE LOOK PERIOD

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NOTICES

Should You write to Us about this Policy , You must send the letter to Our head office in New Zealand as notified by Us to You from time to time. The postal address of AIA New Zealand’s head office is: AIA New Zealand Private Bag 300981 Albany AUCKLAND 0752 The street address of AIA New Zealand’s head office is: AIA New Zealand Level 15 5-7 Byron Avenue Takapuna AUCKLAND 0622

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SECTION C - LIFE COVER BENEFITS

BENEFIT

If the Life Assured dies We will pay the current Life Cover Benefit Sum Assured provided that: A The Life Assured dies before the Policy terminates as detailed under Clause 8 “Termination” under Section B above; and B The Life Cover Benefit Total Premium has been paid. The maximum Life Cover Benefit that We will pay per Life Assured is $16,000,000 irrespective of the number of Policies held. The Life Cover Premium specified in the Policy Schedule will be recalculated at the expiration of the selected Premium Guarantee Period specified in the Policy Schedule , and of each succeeding Premium Guarantee Period , based on the age at the next birthday of the Life Assured . If Your Policy Schedule shows that You have selected one of the Level Premium Guarantee Period options the Life Cover Premium will remain level until the Level Premium Guarantee Period shown in the Policy Schedule ends. At the end of the selected Level Premium Guarantee Period the Premium will be recalculated to a Premium based on the age of the Life Assured. Subsequent Level Premium Guarantee Periods will be recalculated at each Policy Anniversary Date based on the age of the Life Assured .

PREMIUM

If the Policy Schedule shows that you have selected a one (1) Year Premium Step option, Your Life Cover Benefit Premium specified in the Policy Schedule will be recalculated at the expiration of the initial and subsequent Premium Guarantee Periods , based on the age next birthday of the Life Assured . If the Policy Schedule shows that You have selected the Inflation Adjusted Benefit option, the Life Cover Benefit will increase on each anniversary of the Policy Commencement Date by an amount equal to the Consumer Price Index Increase for the year ended 30 September for which figures are available at the date the Sum Assured is to be increased. You may decline any Consumer Price Index Increase . This option expires upon termination of the Policy in accordance with Clause 8 “Termination”, Section B. This option will cease once the maximum total Sum Assured of $16,000,000 has been reached. If the Policy Schedule shows that You have selected the Level Benefit option, the Life Cover Benefit will remain at the amount specified on the Policy Schedule . If the Policy Schedule shows that You have selected the Level Indexed Benefit option, the Life Cover Benefit will increase on each anniversary of the Policy Commencement Date by the percentage amount shown on the Policy Schedule . This option expires upon termination of the Policy in accordance with Clause 8 “Termination”, Section B. This option will cease

INFLATION ADJUSTED BENEFIT OPTION

LEVEL BENEFIT OPTION

LEVEL INDEXED BENEFIT OPTION

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once the maximum total Sum Assured of $16,000,000 has been reached. This Benefit will expire on the Policy Anniversary Date after the Life Assured reaches seventy (70) years old. The Life Cover Benefit may be renewed up to the anniversary of the Policy Commencement Date following the Life Assured attaining age one hundred (100). The Policy Owner(s) may apply for an increase in the Sum Assured without further evidence of health subject to the following conditions: We must receive a written request signed by all Policy Owner(s) within ninety (90) days of the applicable business event occurring. You must satisfy Us that the value of the Life Assured's financial interest is at least equal to the requested increase to the amount of cover. You must provide: • A valuation of the business or valuation of the Life Assured to the business (as provided by an independent qualified accountant or business valuer); and/or • Evidence of the loan guarantee and any other contractual or financial evidence We may request. Any increase request’s calculation method must be consistent with that adopted in the Policy application. If You do not increase Your insurance by the full amount identified in a review of Your insurance requirements, You may not defer the potential increase to a later review. The maximum increase in the Sum Assured for Life Cover will be the lesser of five (5) times the Sum Assured at the Policy Commencement Date shown in the Policy Schedule , or the stated maximum increase as indicated on the Policy Schedule with a maximum total Sum Assured of $16,000,000. Any increase is subject to approval by Us . Any increase in the Sum Assured will require an additional Premium , the amount of which will be dependent on the current Premium Rates for the type of cover at the date the increase in Sum Assured is effected. Only one (1) increase can be made each year. The Business Increase Option will expire on the earliest of the following: • The date We receive Your written request to cancel the Benefit . • The maximum increase limit for the Sum Assured has been reached for the applicable Benefit . • If You are entitled to make a claim or We have paid a claim under this Life Cover Benefit . • The Policy Anniversary Date ten (10) years after the later of: o The commencement date of the Business Increase Option . o The last increase using the Business Increase Option We approved. • Non-payment of the Total Premium as set out in Period Of Assurance Section B, Clause 6.

RENEWAL

BUSINESS INCREASE OPTION

The option to increase the Sum Assured must be exercised before the option expiry date (see Clause 8 " Expiry of Business Increase Option " below). E

F G

EXPIRY OF BUSINESS INCREASE OPTION

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• The Policy Anniversary Date following the Life Assured attaining age sixty-five (65). • The Life Assured’s death. Upon receiving written notification acceptable to Us that the Life Assured has died, We will immediately pay the lower of: • The Life Cover Benefit ; or • $25,000. This Funeral Benefit will be treated as an early payment of the Life Cover Benefit . The Life Cover Benefit will then be reduced by the amount paid. If You have more than one (1) Life Cover Benefit the Funeral Benefit payment will only be paid on one (1) of those Life Cover Benefits . Payment of the Funeral Benefit does not indicate Our acceptance of the claim on the Life Cover Policy . Upon payment of the Life Cover Benefit or Terminal Illness Benefit , We will pay an additional lump sum of $1,000 to the Policy Owner for the purposes of seeking financial planning and/or legal advice. Only one (1) Financial Planning and Legal Benefit payment per Life Assured will be made regardless of the number of additional Policies held with Us . Should the Life Assured be diagnosed by a Registered Medical Specialist as having an illness which is likely to result in the death of the Life Assured within twelve (12) months of diagnosis, a lump sum up to the amount of the Life Cover Benefit will be paid. The Life Cover Benefit will be reduced by the amount of payment made. We shall have the right to call for an examination at Our expense, of either the Life Assured or the evidence used in arriving at such diagnosis, by an independent acknowledged expert in the field of medicine concerned selected by Us , and the opinion of such expert as to such diagnosis shall be binding on You , the Life Assured and Us . You may at any time prior to the Life Assured reaching age sixty-five (65): Convert all or part of the Life Cover Benefit from the Premium specified in Your Policy Schedule to a Level Premium structure. The Life Cover Benefit under this Policy will be reduced by the amount of insurance so converted; or Convert a Level Premium term to a further Level Premium term, of which duration may be the same or less than the current Level Premium term. We will not require You or the Life Assured to produce further medical evidence at the time of conversion. The terms and conditions of the new Policy will be those which are then offered by Us to the general public. Premiums will be calculated on the current age of the Life Assured . Any Premium loading(s) and/or exclusion(s) that applied to Your existing Life Cover Benefit will apply to Your new Life Cover Benefit .

FUNERAL BENEFIT 9

FINANCIAL PLANNING AND LEGAL BENEFIT

TERMINAL ILLNESS BENEFIT

CONVERSION OPTION

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REPATRIATION BENEFIT

If the Life Assured dies, We will reimburse You for the costs of returning the Life Assured's body to New Zealand or their Home Country upon receipt of evidence acceptable to Us . If the Life Assured is the sole Policy Owner , We will reimburse the person that has paid for the costs of repatriation upon receipt of evidence acceptable to Us .

The maximum Repatriation Benefit that We will pay across all Policies held with Us is the lower of:

The Life Cover Benefit ;or

• •

$25,000.

This Repatriation Benefit will be treated as an early payment of the Life Cover Benefit . The Life Cover Benefit will then be reduced by the amount paid. The Repatriation Benefit may be paid in addition to the Funeral Benefit but no more than the Life Cover Benefit Sum Assured will be paid for both Benefits . If the Life Assured is the sole Policy Owner , We will pay a maximum of $25,000 in total across both the Repatriation Benefit and the Funeral Benefit . Upon payment of the Life Cover Benefit or Terminal Illness Benefit , and after referral by a Registered Medical Specialist , We will reimburse up to $2,500 to cover the cost of a Psychiatrist or Psychologist consultation and/or counselling for the Life Assured and/or a Close Relative of the Life Assured where the support treatments and/or consultations directly relate to the claim, subject to the following conditions: • You must pay for the consultation and/or counselling within twelve (12) months following AIA New Zealand paying the Life Cover Benefit claim; and • You must provide Us with a receipt for the consultation and/or counselling You are claiming. Only one (1) Counselling Benefit payment per Life Assured will be made regardless of the number of additional Policies held with Us . This is in addition to the Sum Assured . If We make future enhancements to Our Policy wordings, We will pass back the enhanced benefit, feature and/or condition automatically to You . The enhanced benefit, feature and/or condition will only apply to claimable events which occur after the date We pass back the enhanced benefit, feature and/or condition to You . Any underwriting exclusion or special terms that apply to this Policy will not be altered by any enhanced benefit, feature and/or condition. This Benefit is to ensure that You are not disadvantaged as a result of the enhanced benefit, feature and/or condition. If You are inadvertently disadvantaged in anyway then the previous Policy wording will apply.

COUNSELLING BENEFIT

GUARANTEED PASS BACK OF BENEFIT ENHANCEMENTS

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(INSIGHT 35.0.0) – May 2019 (Updated August 2019) (Updated December 2020) (Updated October 2023) (Updated May 2026)

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