AIA Real Mortgage Income and Rent Cover Policy Wording

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Personal Cover - Mortgage Income and Rent Cover

SECTION A - DEFINED TERMS

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) .

Adoption Means Adoption as defined in the Adoption Act 1955.

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. 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). Criminal Act Means participation in an action that constitutes an offence under the Crimes Act 1961, whether or not that action results in a conviction on indictment or on summary conviction. 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. Life Assured Means the person or people insured for the Benefit(s) as listed in Your Policy Schedule . Manifested Means that symptoms 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 Shall mean any person approved by Us registered with the Medical Council of New Zealand to render medical or surgical services, and who holds an Annual Practising Certificate. 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.

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Policy Means this contract of insurance between You and Us . It includes the following parts: • Your application for insurance; and • this Policy wording; and • 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 . 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 - MORTGAGE INCOME AND RENT 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 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. Avoid 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.

RESPONSIBILITY FOR TRUTHFULNESS

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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 Income Protection 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 . The Policy Owner 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.

PREMIUM PAYMENTS

POLICY FEE

PERIOD OF ASSURANCE

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CLAIM PROCEDURE

A Written proof of Total Disability (as defined in Clause 1 “Total Disability” under Section D below) acceptable to Us must be given to Us within thirty (30) days after the Life Assured becomes Totally Disabled . In the case of the Involuntary Redundancy the Life Assured must supply proof acceptable to Us that the Life Assured has been made redundant. B If the Life Assured does not provide written proof satisfactory to Us within that time, the Waiting Period may be deemed by Us to have commenced no earlier than thirty (30) days before we received written proof. C Any expense incurred in providing due proof of the existence of a claim shall be borne by the Life Assured . D We shall have the right and opportunity to call for an examination of the Life Assured by any Medical Practitioner or appropriately qualified health professional of Our choice at Our expense as often as We may reasonably require both during the initial assessment of a claim and during any ongoing claim. E We will require the Life Assured to provide confirmation of hours worked per week prior to and at the time a claim is being paid. Such proof will be in a form acceptable to Us . In the case of the Involuntary Redundancy Benefit the Life Assured must also supply proof acceptable to Us that the Life Assured remains unemployed and are registered with Work and Income New Zealand, or any subsequent Government employment bureau. F If the Life Assured suffers personal injury or sickness which is as a result of or in any way caused by any other person or party, then We shall be entitled at Our expense and in the name of the Life Assured to take any proceedings necessary to obtain recovery from any other party. The Life Assured must provide all reasonable assistance and co-operation in the prosecution of the claim. G Responsibilities during claims assessment and while in receipt of Mortgage Income and Rent Benefits : 1. Undergo assessment of present and likely capabilities for the purposes of rehabilitation, at the expense of AIA New Zealand . 2. Follow the advice of the treating Medical Practitioner , including recommended courses of treatment and rehabilitation. 3. Co-operate with AIA New Zealand in the development and implementation of a rehabilitation plan in order to endeavour to terminate or reduce the extent of any disability, impairment or incapacity. 4. The Life Assured must notify AIA New Zealand before he or she returns to any work, paid or unpaid, in any capacity. 5. If any of these responsibilities are not met when reasonably required by AIA New Zealand , We have the right to either suspend claim payments or decline Your claim. a. AIA New Zealand must give the Life Assured written notice of any proposed suspension not less than thirty (30) days before the proposed suspension date. b. AIA New Zealand may decline to provide any

Benefit for as long as the Life Assured unreasonably fails to comply with any requirement of the terms and conditions

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relating to the Life Assured's claim or fails to meet their responsibilities outlined above.

We also have the right to recover overpayments from You , if these responsibilities are not met.

FORFEITURE OF PREMIUMS

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 . Unless previously terminated, this Policy shall terminate on the earliest of: A The anniversary of the Policy Commencement Date following the Life Assured attaining the age of sixty-five (65) regardless of whether a claim is being paid. B Written notification of cancellation from You to Us at any time. C The Death of the Life Assured . D Non-payment of Total Premium as set out in Clause 6 “Period of Assurance” above. 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.

TERMINATION

WORLDWIDE COVER

ENTIRE CONTRACT

TAX CHANGES

PAYMENT OF BENEFITS

A Where any of the insured events occur, the Benefit payable will be the Benefit specified in the Policy Schedule.

GENERAL

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 CITY 0752 The street address of AIA New Zealand’s head office is: AIA New Zealand Level 15 5-7 Byron Avenue Takapuna AUCKLAND CITY 0740

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SECTION C - MORTGAGE INCOME AND RENT BENEFITS

TOTAL DISABILITY BENEFIT

If, the Life Assured :

• has been Totally Disabled or Partially Disabled for the Waiting Period ; and • is Totally Disabled at the end of the Waiting Period; We will pay you the monthly Benefit subject to Clause 13 “Offsets” under Section D of this Policy in advance from the end of the Waiting Period until the earliest of:

• the Life Assured is no longer Totally Disabled , or

the Benefit Period ends, or

•

• the Policy ends. Any payment for a period of less than one month is calculated on a pro-rata basis. Successive periods of disability resulting from the same or related cause within twelve (12) months of resuming work shall be considered a continuation of the same disability and no Waiting Period shall apply. Such periods of recurrent disability shall be added to the original Total or Partial Disability period for the purposes of applying the Benefit Period . We will pay a Partial Disability Benefit if the Life Assured is Partially Disabled (as defined in Clause 2 under Section D below) and the Waiting Period has elapsed. The amount payable under the Partial Disability Benefit will be a percentage of the monthly Sum Assured as shown in the Policy Schedule . The percentage is the difference between the hours per week that the Life Assured is able to work while Partially Disabled and the average number of hours that the Life Assured worked in the three (3) months immediately prior to becoming Totally Disabled ; calculated as a percentage of the average number of hours that the Life Assured worked in the three (3) months prior to becoming Totally Disabled . Calculation: % = (hours worked on average in the three (3) months prior to Total Disability - hours worked while Partially Disabled) / hours worked on average in the three (3) months prior to Total Disability . For example, if the Life Assured is able to work 20 hours per week while Partially Disabled and was working 40 hours per week on average in the three months immediately prior to becoming Totally Disabled then the percentage payment will be 50% of the monthly Sum Assured as shown in the Policy Schedule . To allow Us to accurately assess the ongoing validity of a Partial Disability claim, the Partial Disability benefit will be paid monthly in arrears until the Life Assured is no longer Partially Disabled . During a period of Total, Partial or Recurrent Disability for which We have accepted a claim, all Total Premiums due will be waived by Us .

RECURRENT DISABILITY BENEFIT

PARTIAL DISABILITY BENEFIT

WAIVER OF PREMIUM

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INFLATION ADJUSTABLE OPTION

If the Policy Schedule shows You have selected this option, the Mortgage, Income and Rent 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 monthly Benefit is to be increased. You may decline any Consumer Price Index Increase . This option expires upon termination of the Policy in accordance with Clause 9 “Termination” under Section B above. This option will cease once the maximum total annual Sum Assured of $300,000 has been reached. If the Policy Schedule shows You have selected this option, the Consumer Price Index Increase will cease during any period of Claim, unless you have selected the Optional Inflation Adjustable Claim Benefit. The Inflation Adjustable Option will re-commence from the date your claim is finalised, and You will have the option to continue with this or decline the Consumer Price Index Increase. If the Policy Schedule shows You have selected this option and You are receiving a Benefit under this Policy at the anniversary or a subsequent anniversary of the Policy Commencement Date , We will increase the monthly Benefit payable by the most recent Consumer Price Index Increase . When You are no longer disabled, You can choose to keep the higher levels of Benefit and the Premium will increase accordingly. This Benefit does not apply if you have selected the Level Benefit Option as per Clause 14 “Level Benefit Option” under section C below. This Benefit expires upon termination of the Policy in accordance with Clause 9 “Termination” under Section B above. If the Policy Schedule shows that You have selected the Mental Health Disorder Limitation option, then if during the term of this Benefit , the Life Assured is Totally Disabled as a direct or indirect result of a Mental Health Disorder as defined under Clause 13 “Mental Health Disorder” under Section D below, the total Benefit Period for all claims arising out of this disability will be twelve (12) months from the end of the Waiting Period irrespective of the Benefit Period shown in the Policy Schedule . If the Life Assured becomes Totally Disabled while being unemployed for more than twelve (12) months, the definition of Total Disability will be based on the definition for Class 5 occupations irrespective of the Occupational Class specified in the Policy Schedule . If the Life Assured becomes Totally Disabled within twelve (12) months of becoming unemployed, then the Benefit payable will be assessed as normal without the restrictions.

OPTIONAL INFLATION ADJUSTABLE CLAIM BENEFIT

MENTAL HEALTH DISORDER LIMITATION OPTION

IF UNEMPLOYED

LEAVE WITHOUT PAY AND SUSPENSION OF COVER

You can apply to suspend cover for a Life Assured for a period of up to twelve (12) months if they:

• Take a period of Leave Without Pay from all regularly remunerated occupations; • Take employer approved parental leave;

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• Become redundant, or unemployed; • Have a reduction in pay of at least 20% (comparing the most recent payslip against a previous payslip from the same year); or • If self-employed, have a reduction in revenue of at least 30% (by comparing one month’s revenue against the same month for the previous year), provided the request is made in writing by You to Us and has been accepted by Us . We will resume cover without requiring evidence of health for any insured person when the requested suspension period expires. Once cover is reinstated, Total Premiums must recommence. We will not pay any Benefits under this Policy in respect of any claim event that first meets the criteria for an eligible claim while cover is suspended. If the Policy Schedule shows that You have selected the Involuntary Redundancy Benefit option, during the term of this Benefit We will pay a Benefit for each full month following the Involuntary Redundancy (as defined in Clause 14 “ Optional Involuntary Redundancy Benefit ” under Section D below) of the Life Assured up to a maximum period of six (6) months, or until the Life Assured has commenced alternative employment whichever is the earlier. This Benefit is a monthly Benefit paid in arrears and will commence after the first 30 days of any period of total unemployment. Benefit payments will be made upon receipt of proof acceptable to Us that the Life Assured remains unemployed and is registered with Work and Income New Zealand, or any subsequent Government Employment Agency and is actively seeking employment. The maximum monthly payment is the monthly Benefit specified in the Policy Schedule or $2,500 whichever is the lesser (Per Life Assured ). If You have more than one (1) OPTIONAL INVOLUNTARY REDUNDANCY BENEFIT this will be subject to the maximum monthly payment of the monthly Benefit specified in the Policy Schedule or $2,500 (Per Life Assured ) whichever is the lesser. The Life Assured must return to work for a period of at least twelve (12) consecutive months prior to making another claim on the Optional Involuntary Redundancy Benefit . The Optional Involuntary Redundancy Benefit is payable for a total maximum of twelve (12) months per Policy . You may at any time prior to the Life Assured reaching age fifty five (55) increase the Sum Assured for the Mortgage Income and Rent Benefit under this Policy on the occurrence of any of the Special Events (A-D) listed below without further evidence of health. Requests for increases must be made within six (6) months of a Special Event . You can make more than one Special Events increase during each Policy Year . You may increase the Sum Assured more than once in respect of each Special Event . A Special Events increase is NOT available if the Life Assured has been the subject of a claim (whether accepted or not) or entitled to claim under this Policy . For the sake of clarity this includes any claim currently under assessment.

OPTIONAL INVOLUNTARY REDUNDANCY BENEFIT

SPECIAL EVENTS INCREASE

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The increase in respect of each Special Event cannot exceed $1,500 per month or the amount of any additional or increased mortgage repayments, whichever is the lesser. The sum of the total maximum increase under this Special Events Increase cannot exceed 75% of the original Sum Assured . The Premium for the increased cover will be based on the age of the Life Assured and Our Premium Rates at the time the option is exercised.

A B C D

Increasing an existing residential mortgage.

Purchasing a new home. Purchasing a vacation home.

Purchasing a bare block of land zoned as residential. In order to increase the Mortgage Income and Rent Benefit under this Special Events Increase a written application must be received by Us within six (6) months of the event occurring. The written application must be accompanied by evidence of the applicable event. The annual Total Premium or instalment of the Total Premium is payable for the entire duration of the Benefit. The Premium specified in the Policy Schedule will be recalculated at the expiration of the 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. The Mortgage Income and Rent Benefit may be renewed up to the anniversary of the Policy Commencement Date following the Life Assured attaining age sixty-five (65) as per the Policy Schedule , regardless of changes in the health or occupation of the Life Assured . If the Policy Schedule shows that You have selected this option, the Mortgage Income and Rent Benefit will remain at the amount specified in the Policy Schedule . No Benefits shall be paid under this Policy if the injury or sickness resulting in Total Disability or Partial Disability directly or indirectly was caused by or resulted from: Intentionally self-inflicted injury whether the Life Assured is sane or insane or participation in any criminal act.

PREMIUM

RENEWAL

LEVEL BENEFIT OPTION

EXCLUSIONS

B Pregnancy, childbirth, abortion or miscarriage unless the Total Disability lasts for more than ninety (90) days after the end of pregnancy, at which time the Waiting Period will commence. C In the case of a Policy with a Benefit Period of two (2) years, any injury, sickness, or related condition in respect of which twenty-four (24) months of Mortgage Income and Rent Benefits have already been paid. D In the case of a Policy with a Benefit Period of five (5) years, any injury, sickness, or related condition in respect of which sixty (60) months Mortgage Income and Rent Benefits have already been paid. E In the case of a Policy where the Mental Health Disorder Limitation option has been selected, any Mental Health Disorder or related Mental Health Disorders in respect of which twelve (12) months Mortgage Income and Rent Benefits have already been paid in total.

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In the case of a Policy where the Optional Involuntary Redundancy Benefit has been selected, no Involuntary Redundancy Benefit will be paid where; 1. The Life Assured is made redundant within thirty (30) days following the Policy Commencement Date ; or 2. The redundancy or possible redundancy was known to the Life Assured prior to the Policy Commencement Date ; or 3. The Life Assured was on a fixed term contract of employment or an interim contract; or 4. The Life Assured is made redundant as a direct or indirect result of a strike or labour dispute; or 5. The Life Assured was self-employed, in part-time, seasonal or casual employment; or 6. The Life Assured is employed by and made involuntarily redundant by a close or lineal relation. We will pay a Childcare Support Benefit in the following circumstances: • The Life Assured is Totally Disabled or Partially Disabled and is receiving a monthly Benefit ; and • As a direct result of the Life Assured’s Total Disability or Partial Disability , additional childcare costs are incurred over and above any childcare arrangements which existed prior to the Life Assured becoming Totally Disabled or Partially Disabled , in respect of any dependent child who is under the age of fourteen (14); and • These additional childcare services are not being provided by You or an immediate family member. The amount We will reimburse under the Childcare Support Benefit is the lesser of: A. The actual additional childcare costs; or B. $800 per month per dependent child under the age of fourteen (14). This Childcare Support Benefit is payable until the earlier of: A. The Life Assured no longer being Totally Disabled or Partially Disabled ; or B. Six (6) monthly Childcare Assistance Benefit payments have been made; or C. The Benefit Period ends. You will need to provide evidence satisfactory to Us each month of the additional childcare fees that have been paid before We will make a payment under the Childcare Support Benefit. This payment is additional to the monthly Benefit.

CHILD CARE SUPPORT BENEFIT

WAITING PERIOD REDUCTION

17 If this Mortgage Income and Rent Benefit has a Waiting Period of 26, 52 or 104 weeks the Life Assured can reduce this Waiting Period , without providing any further medical evidence, if the Life Assured’s Business Continuation Cover, Farmers Revenue Protection Cover or New to Business Cover is cancelled due to the Life Assured no longer being Actively Involved in the business or their business is sold and is no longer Actively Trading .

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The Waiting Period for this Mortgage Income and Rent Benefit will reduce to align with the Waiting Period on the cancelled cover. The reduced Waiting Period on this Mortgage Income and Rent Benefit will apply to the lesser of: • the monthly benefit for the Business Continuation Cover, Farmers Revenue Protection Cover or New to Business Cover at the time it was cancelled; or • the monthly Benefit for this Mortgage Income and Rent Benefit . For example: A Life Assured has the following: • Mortgage Income and Rent Benefit with a $2,500 per month Benefit and a 52 week Waiting Period ; and • New to Business Cover with a $1,000 per month Benefit with a 13 week Waiting Period . When New to Business Cover is cancelled the Mortgage Income and Rent Benefit Waiting Period would be reduced to a: • 13 week Waiting Period with a $1,000 per month benefit; and • 52 week Waiting Period with a $1,500 per month benefit. within sixty (60) days of the cancellation of cover the Life Assured must notify Us in writing, with supporting evidence that they are no longer Actively Involved in the business or their business has been sold or is no longer Actively Trading ; • the Life Assured is no longer Actively Involved in the business due to reasons other than retirement, redundancy, ill health or incapacity; • the Life Assured must be under the age of sixty (60); • if the Life Assured has had a claim paid or is entitled to be paid a claim under any policy with Us or any other insurance company, the request will be referred to an AIA underwriter; • the premiums must be up to date and are not being waived for any reason. If We agree to reduce the Waiting Period , the following applies: • premiums will increase with any reduction Waiting Period ; • only one reduction in Waiting Period under this Benefit is allowed without evidence of health; • any loadings, exclusions or special terms on the cancelled policy will be applied to the reduced Waiting Period Benefit . The following conditions apply: • 18 If the Life Assured is Totally Disabled or Partially Disabled and able to receive a monthly Mortgage Income and Rent Benefit under this policy, and they also hold a Business Continuation Cover, Farmers Revenue Protection Cover or New to Business Cover, then the Waiting Periods applicable to the Life Assured under each policy will be served concurrently from the disablement date. If during the Waiting Period under this policy, the Life Assured should suffer a recurring disability under their Business Continuation Cover, Farmers Revenue Protection Cover or New to Business Cover policy, after returning to full-time work, the portion of their Waiting Period for their Mortgage Income and Rent Benefit under this policy will be considered to have been continuous and only the remaining period will apply.

CONCURRENT WAITING PERIOD

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PARTIAL DISABILITY BRIDGING BENEFIT

19 We will pay You a Partial Disability Bridging Benefit if: • You have been receiving a Total Disability Benefit under this Policy ; and • the Life Assured is no longer Totally Disabled ; and • based on the information provided to, and requested by Us , We reasonably expect that a Partial Disability Benefit (as set out in Section C) will be payable for that Life Assured for the first month after the Life Assured ceased to be Totally Disabled . The Partial Disability Bridging Benefit is a lump-sum payment equivalent to 1/3rd (33.3%) of the final monthly Total Disability Benefit paid before the Life Assured ceased to be Totally Disabled . The Partial Disability Bridging Benefit is paid at the end of the final month in respect of which a Total Disability Benefit was claimed for by the Life Assured . Payment of the Partial Disability Bridging Benefit does not affect the amount of the Partial Disability Benefit (as set out in Section C) and does not affect the amount of the Enhanced Partial Disability Income Benefit (as set out in Section C). The Partial Disability Bridging Benefit is payable once for all claims resulting from the same or a related injury or illness. The Partial Disability Bridging Benefit is not payable where a lump sum payment has been made in lieu of monthly benefit payments, as set out in Section C. 20 We will pay You an Enhanced Partial Disability Income Benefit if: • the Life Assured has been receiving a Total Disability Benefit under this Policy ; and • the Life Assured is no longer Totally Disabled ; and • the Life Assured is entitled to a Partial Disability Benefit as set out in Section C for that Life Assured . The Enhanced Partial Disability Income Benefit is the lower of: • 25% of the monthly Partial Disability Benefit as calculated in Section C; or • 1/12th of the Benefit amount shown in the schedule less the monthly Partial Disability Benefit as calculated in Section C. This Benefit is paid monthly in arrears for a maximum period of twelve (12) months per claim. We will cease paying this Benefit if the Life Assured is no longer entitled to a Partial Disability Benefit .

ENHANCED PARTIAL DISABILITY INCOME BENEFIT

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SECTION D - MORTGAGE INCOME AND RENT BENEFIT DEFINITIONS

TOTAL DISABILITY 1

Means a period of serious injury or sickness commencing when the Life Assured first received advice from a Medical Practitioner for that injury or sickness provided that: A The Life Assured is under the regular and personal care of a Medical Practitioner ; and B The Life Assured’s injury or sickness is supported by clinical evidence and approved by Us ; and C The Life Assured is unable to perform their occupation as the result of that injury or sickness; and D Inability to perform the Life Assureds’ occupation is defined by reference to the occupational class specified in the Policy Schedule as follows: Occupation Classes 1, 2, 3 & 4: Inability to follow their own occupation for more than ten (10) hours per week. We will arrange assessments with an appropriately qualified health professional if this situation occurs; or The Life Assured is unable to perform at least one important income producing duty of their own occupation; and The Life Assured is not working in any occupation other than up to ten (10) hours per week in their own occupation. Occupation Class 5: Confined under medical supervision to home or a medical institution and as a result of the disability unable to undertake three (3) or more of the following activities without assistance:

a. b. c. d. e.

washing and bathing dressing and undressing

eating

general household duties

climbing stairs

shopping.

Totally Disabled has a corresponding meaning.

PARTIAL DISABILITY

Means a disability resulting from serious injury or sickness which results in the Life Assured having returned to work in a reduced capacity. The reduction in work capacity must be as a result of the continuation of the disability. The Partial Disability must be supported by an appropriate Diagnosis from a Medical Practitioner and evidence acceptable to Us and is subject to the following conditions: The hours worked by the Life Assured per week are less than 75% of the hours worked per week in the three (3) months immediately prior to the disability; and The Life Assured is under the regular and personal care of a Medical Practitioner ; and The Life Assured is not Totally Disabled . If the Policy Schedule states the Life Assured is occupation class 5 or if clause eight (8) of part C applies to the preceding period of Total Disability then no Partial Disability Benefit is payable. If the Life Assured is Totally Disabled and undertakes a programme of occupational retraining then, subject to written approval from Us , an additional lump-sum payment by way of reimbursement be made for the cost of this training up to a maximum of twelve (12) times the monthly Benefit .

C D

OCCUPATIONAL RETRAINING BENEFIT

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DEATH BENEFIT

If the Life Assured dies during the term of this Policy , We will pay You, three (3) times the monthly Benefit specified in the Policy Schedule up to a maximum of $30,000. If the Life Assured is outside of New Zealand and suffers, for the first time, a Total Disability and We have accepted the claim, We will pay the lesser of: Three (3) times the monthly Benefit specified in the Policy Schedule; or A single standard economy air fare to New Zealand by the most direct route available plus any transport costs to an AIA New Zealand approved medical facility in New Zealand where necessary. A Return to Home Benefit can only be paid once in any 12 month period. In total the maximum We will pay over the life of the Policy under the Return Home Benefit is $10,000. No payment will be made if the Life Assured is covered for the same event with a travel insurance provider. If the Life Assured is Totally Disabled and confined to bed on direction of a Medical Practitioner and under the full-time care of a Registered Nurse (holding an Annual Practising Certificate issued by the Nursing Council of New Zealand) before the Waiting Period has elapsed and has been so for more than three (3) days, the Benefit payable will be a daily Benefit equivalent to 1/30 of the monthly Total Disability Benefit which will commence and will continue until the Life Assured leaves bed or until the Waiting Period has elapsed, whichever is sooner. A Rehabilitation Expense Benefit is payable of up to twelve (12) times the monthly Benefit to cover costs of purchasing specialist equipment or completing home alterations which are necessary as a result of disability. This Benefit is payable at AIA New Zealand’s sole discretion where it is deemed the Benefit will assist the Life Assured with a return to independence and the workforce. AIA New Zealand shall be entitled to arrange for an appropriately qualified health professional to assess any recommendation for specialist equipment or home alterations. This Benefit will be reduced by any costs recovered from other sources such as other insurers or the ACC. We will waive the Total Premium under this Mortgage Income and Rent Benefit for up to six (6) months at any stage between the second trimester and six (6) months after the Life Assured’s pregnancy finishes if the Life Assured becomes pregnant while this Mortgage Income and Rent Benefit is in force provided: • the Life Assured provides Us with a confirmation of pregnancy from an appropriate Medical Practitioner ; and • the birth of the child does not occur within twelve (12) months of: − the Policy Commencement Date ; or − the most recent reinstatement of this Mortgage Income and Rent Benefit ; and • the Life Assured is on maternity leave from their own occupation.

RETURN TO HOME BENEFIT

BED CONFINEMENT BENEFIT

REHABILITATION EQUIPMENT EXPENSE BENEFIT

PREGNANCY PREMIUM WAIVER

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You must notify Us in writing when the Total Premium is to be waived. This Waiver will cease when a total of six (6) months Total Premium , including any Total Premiums waived during an earlier pregnancy, have been waived. 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 will be better off 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. If the Policy Schedule shows that You have selected the Back to Work Benefit option, We will pay a Back to Work Benefit where the Life Assured has been Totally Disabled for more than twelve (12) continuous months, has received an Occupational Retraining Benefit and then immediately returns to full time work. The Back to Work Benefit is payable as follows: After three (3) consecutive months of full time work We will pay an amount equal to one (1) times the monthly Benefit; and After six (6) consecutive months of full time work We will pay an amount equal to two (2) times the monthly Benefit . The Life Assured will need to provide evidence satisfactory to Us that they have been back at full time work for the timeframes specified above. You may request Us to increase the Mortgage Income and Rent Benefit without further medical evidence subject to the following: You must request the increase within six (6) months of taking out a new mortgage or increasing an existing mortgage or an increase in residential rental payment; and You will need to provide evidence satisfactory to Us of the new mortgage or increase in the existing mortgage or increase in residential rental payment; and The maximum increase under this Benefit is 50% of the initial Benefit with any one individual increase being limited to the lesser of 115% of the increase in the mortgage repayment or residential rental payment in excess of the Benefit or $300 per month whichever is the lesser; and The Premium increase will be calculated based on the Life Assureds age, occupation and Premium rate at the time of the increase. The Future Insurability Benefit is not available if the Life Assured: a) Has been accepted under the Mortgage, Income and Rent Cover with any Premium loadings; or b) Is in the process of claiming or eligible to claim or has claimed any benefit under any Policy held with AIA New Zealand ; or c) Is fifty five (55) years of age or over.

GUARANTEED PASS BACK OF BENEFIT ENHANCEMENTS

BACK TO WORK BENEFIT OPTION

FUTURE INSURABILITY BENEFIT

SPECIFIC INJURY BENEFIT OPTION

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If the Policy Schedule shows that You have selected the Specific Injury Benefit option, should the Life Assured suffer any of the Specific Injuries defined below, then We will pay You the Benefit as shown below, whether or not the Life Assured is working. The Benefit starts to accrue when the Specific Injury is suffered and is paid monthly in advance and will stop when the payment period ends. If the Life Assured suffers more than one Specific Injury only one (1) Benefit will be paid being the Specific Injury that provides the greatest Benefit. Whilst the Specific Injury Benefit is being paid no other Benefit is payable under this Policy . If the Life Assured is still Totally or Partially Disabled at the end of the payment period, any further Benefits will be assessed at the end of the payment period.

Specified Injuries and Payment Periods

Specified Injury Fracture of jaw Fracture of skull

Payment Period

30 days 30 days 30 days 30 days 45 days 60 days 60 days 60 days 60 days 60 days 60 days 60 days

Fracture of forearm Fracture of collarbone

Fracture of wrist

Fracture of upper arm Fracture of shoulder

Fracture elbow

Fracture of vertebrae Fracture of kneecap

Fracture of ankle Fracture of heel

Fracture of the leg below the knee (tibia or fibula) Fracture of the leg above the knee (femur)

60 days

90 days 90 days

Facture of the pelvis

Loss of the thumb and index finger of the same hand

6 months 12 months 12 months 18 months

Loss of a foot or hand Loss of sight in an eye Loss of a whole leg or arm

Loss of any combinations of hand, foot or sight Paralysis (Diplegia, Hemiplegia, Paraplegia, Quadriplegia)

24 months

up to 60 months*

Fracture means any fracture resulting from an accident requiring fixation, immobilisation or plaster cast treatment of the affected area within 48 hours of the accident. *Paralysis up to 60 months or the benefit period specified in the policy schedule under Specific Injury Benefit Option , whichever is the lesser. Loss means the: • Total and permanent loss of the use of the hand from the wrist or the foot from the ankle joint; or • Total and permanent loss of the use of the arm from the elbow or leg from the knee joint; or • Complete severance of the thumb and index finger from the first phalangeal joint; or

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• Irrecoverable total loss of an eye or sight in the eye.

The Fracture or Loss must be certified by a Medical Practitioner.

OFFSETS

No offsets apply where the Benefit is $5,000 per month or less. Where the monthly Benefit is greater than $5,000 then the amount of the Benefit in excess of $5,000 will be offset by income the Life Assured is entitled to receive from any: • Government or statutory source (for example ACC payments or any benefit); and/or • An investment property insured under this Policy ; and/or • A non AIA New Zealand insurance policy covering the same risk. Is as defined by Us as a past or present history of symptoms suggestive of, and/or Diagnosis or treatment of, the following non - limiting list of mental health related problems: • Anxiety, depression, behavioural disorder, psychoneurosis, psychosis, or somatoform disorders; or • Stress, fatigue, exhaustion, chronic fatigue syndrome; or • Any psychiatric complication of physical disorders; or • Post Traumatic Stress Disorder; or • Drug or alcohol abuse; or • Any other physical disorder related or attributable to stress or any other mental or nervous disorder. Involuntary Redundancy is defined as: Termination of the Life Assured’s permanent contract of employment by the Life Assured’s employer due to the fact that: • The Life Assured’s employer has ceased or intends to cease to carry on the business for the purpose of which the Life Assured was employed or has ceased or intends to cease to carry on that business in the place where the Life Assured was so employed; or • The requirements of that business for the Life Assured to carry out work of a particular kind in the place the Life Assured was so employed have ceased or diminished or are expected to cease or diminish.

MENTAL HEALTH DISORDER

OPTIONAL INVOLUNTARY REDUNDANCY BENEFIT

BENEFIT PERIOD

Means the Benefit Period specified in the Policy Schedule .

WAITING PERIOD

Means the Waiting Period specified in the Policy Schedule of continuous Total Disability which must elapse from the date upon which the Life Assured first received medical advice from a Medical Practitioner in respect of that disability before the monthly Benefit becomes payable. Means working an average of more than 30 hours per week in the six months prior to cancellation of Business Continuation Cover, Farmers Revenue Protection Cover or New to Business Cover.

ACTIVELY INVOLVED

ACTIVELY TRADING

Means undertaking any activity carried on for the production of income from selling goods or performing services.

REHABILITATION AND SUPPORT

On receiving notification of a new or potential claim, We will appoint the Life Assured a Case Manager, who will work with the Life Assured to understand their personal situation and assist them with the claims process. They will work with the Life Assured to consider what rehabilitation or functional

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support could assist the Life Assured's return to work or improve their capacity to work, either during or after the Waiting Period as appropriate in Our opinion. Acceptance of any costs associated with the agreed rehabilitation and functional support by Us does not mean that We will accept liability for any other Benefit under this Policy and are accepted at the sole discretion of Us .

(INSIGHT 35.0.0) – May 2019 (Updated August 2019)

(Updated July 2021) (Updated May 2026)

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