Terms and Conditions - Insurance Coverage - CDA (Baby Bonus)

Baby Bonus : Terms and Conditions Governing The Group Personal Accident Insurance Coverage on OCBC Child Development Account

Please note that from 1 July 2012, Personal Accident Coverage will not apply to OCBC Child Development Account (CDA) or CDA Account Extra trustees.

Note: This Group Personal Accident Policy for the OCBC Child Development Account (Baby Bonus) sets out the terms of insurance cover provided by Great Eastern Life Assurance Co Ltd (the “Insurer”) under a Group Policy No. [ ] (“Policy”) in respect of Trustees (“you” or “your”) of the Child Development Account (“CDA”) or Child Development Account Extra (“CDA Extra”) who may view the Policy at OCBC’s premises on request in writing. All capitalised words and expressions under this Group Personal Accident Policy will have the same meanings as defined in the Master Policy unless stated otherwise.

Oversea-Chinese Banking Corporation Limited, ("OCBC") has arranged for the Insurance Cover summarised below in respect of Trustee of each Child Development Account (CDA) who will be covered at a sum insured of

The coverage with effect from 01 June 2009:

1. S$20,000 if there is contribution to the CDA or CDA Extra from account opening (max 3 CDAs per Trustee^)

The coverage with effect from 01 August 2008 to 31 May 2009

1. S$50,000 if the maximum co-savings contribution* to the CDA or CDA Extra has been achieved

2. S$25,000 if the maximum co-savings contribution* to the CDA or CDA Extra has not been achieved

The Effective Date (as defined below) of your insurance cover, shall be from the date where contribution is made to the CDA or CDA Extra and accepted by OCBC.

*The amount of contribution into the OCBC CDA/CDA Extra is with reference to the funds credited into the account since the account opening date in OCBC Bank.

^The coverage is S$20,000 per Trustee per account, up to a maximum of 3 accounts.

OCBC will fund for the full cover at the quoted premium plus the prevailing Goods and Services Tax.

Child Development Credits are excluded from any insurance coverage under the Policy.

The actual sum insured will be verified at point of claim, depending on the amount of co-savings contribution in the CDA or CDA Extra at point of death or onset of the total and permanent disability.

1. DEFINITIONS

a. “Accident” shall mean any event suffered by the insured member which is caused solely and directly by external, violent, visible and accidental means and which is independent of any other cause and is not caused by self-inflicted mean.

b. “Accidental Death” shall mean a death caused by an Accident.

c. “Trustee” shall have the same meaning as defined under the Child Development Co-Savings Act and the Child Development Co-Savings Regulation. .

d. "Effective Date" shall mean the date from which your Insurance Cover under the Policy commences and becomes effective.

e. “Eligible Person” shall mean any person who is a Trustee (age 65 years or below) of a CDA or CDA Extra at the time he is insured under the Insurance Cover; and who satisfies such other prevailing eligibility requirements as may be specified by the Insurer and agreed to in writing by OCBC from time to time.

f. “Contribution Amount” shall mean co-investment sums deposited by the Trustee into a CDA or CDA Extra opened for an eligible child before 1^st January in the year in which the seventh anniversary of the member’s date of birth falls.

g. “Insurance Cover” shall mean the benefits provided to you under the Policy.

h. “Insured Member" shall mean an Eligible Person below 65 years of age and in respect of whom Insurance Cover under the Policy has been effected.

i. "Policy Commencement Date" shall mean the date from which the Policy becomes effective as stated in the Policy.

j. Policy Period” shall mean a period of one year or such other periods as may be agreed in writing between OCBC and the Insurer, commencing from the Policy Commencement Date for the first Policy Period and from the respective Renewal Dates for subsequent Policy Periods.

k “Premiums” shall mean the amounts to be paid to the Insurer for the Insurance Cover to be provided. Premium is payable to the Insurer in advance on each premium due date, at the Head Office, Central Office or Branch Office of the Insurer unless otherwise specified by the Insurer in writing.

l. “Registered Medical Practitioner” shall mean a doctor, qualified by a degree in western medicine, who is legally and duly authorised to practice medicine and surgery in the geographical area of his country but does not include you, your relative, sibling, spouse, child or parent.

m. "Renewal Date" shall mean the anniversary of the Policy Commencement Date.

n. “Sum Assured” shall mean the amount of insurance as at the date of your Death or on the onset of your Total and Permanent Disability, up to a maximum limit of S$50,000.

o. “Total and Permanent Disability” shall mean the complete inability of an Insured Member to engage in any gainful occupation, profession or employment for compensation, profit or gain for the remainder of his lifetime as a result of bodily injury caused by an Accident.

2. WHO IS ELIGIBLE

To be eligible for Insurance Cover under the Policy, you must be an Eligible Person.

3. COMMENCEMENT DATE OF INSURANCE COVER

(a) Where you are an Eligible Person and a Trustee of the CDA or CDA Extra, the Effective Date of your Insurance cover, shall be from the date where contribution is made to the CDA or CDA Extra and accepted by OCBC

4. TERMINATION OF INSURANCE COVER

Your Insurance Cover will terminate on the occurrence of any of the following events, whichever is the earliest:-

(a) When the Policy is terminated.

(b) When you reach your 65^tth birthday.

(c) When your CDA with OCBC is terminated for any reason whatsoever.

(d) When any claim is fully paid under this Policy.

(e) When your Insurance Cover is duly terminated by OCBC.

(f) The date when you enter full-time military, naval air or police service.

(g) The date of expiration of the period for which the last premium payment is made in respect of your Insurance.

This Policy shall be terminated on the date notified to OCBC by the Insurer to terminate the Policy by virtue of war (declared or undeclared) or act of war (whether or not there has been a declaration of war) where such date shall be at the discretion of the Insurer.

5. BENEFIT PROVISIONS

Subject to the terms, conditions and exclusions of the Policy, the Insurer will pay the following benefits.

(I) Death Benefit

Upon receipt of due proof of your Accidental Death in the form required by the Insurer, the Sum Assured shall be payable in a lump sum.

(II) Total and Permanent Disability Benefit

In the event you suffer a Total and Permanent Disability due to an Accident, the Insurer upon receipt of satisfactory proof of such Total and Permanent Disability, shall pay the Sum Assured in one lump sum.

(III) Exclusions

Death and/or Total and Permanent Disability caused directly or indirectly, wholly or partly by any of the following matters, will not be covered:

(a) Self-inflicted injuries or any attempts thereat, while sane or insane;

(b) Insurrection, declared or undeclared war or any warlike operations, military or naval service in time of declared or undeclared war or while under orders for warlike operations or restoration of public order and Terrorism;

(c) Participation in a riot, committing an assault or felony;

(d) Participation in competitive racing on wheels;

(e) Disappearance Clause;

(f) Hijacking; Murder and assault (non direct participation.

6. CLAIMS PROCEDURE

(a) If you die, your family members or legal representatives must give a written notice of your death to the Insurer within 31 days after your death along with a copy of your death certificate and proof of your date of birth.

(b) If you suffer from a Total and Permanent Disability, you or your family members or your legal representatives must submit proof of your date of birth and give full particulars of the Total and Permanent Disability together with your address and whereabouts to the Insurer as soon as reasonably possible and satisfactory proof of such Total and Permanent Disability must be furnished to the Insurer within 90 days after the commencement of the Total and Permanent Disability.

(c) Written notice given by you or on your behalf to the Insurer with particulars sufficient to identify you shall be deemed to be notice to the Insurer. Failure to furnish notice within the time limits provided in the Policy shall not invalidate any claim if it can be shown that it was not reasonably possible in the prevailing circumstances to give notice within these time limits and that the relevant notice was given as soon as was reasonably possible.

(d) All certificates, medical reports, information and evidence requested by the Insurer under the Policy must be submitted in writing to the Insurer in the form as the Insurer may prescribed and any related expenses must be borne by you or your family members or your legal representative.

(e) No compensation stated in this policy shall be payable until the total amount of compensation have been ascertained and agreed.

7. CANCELLATION

OCBC and the Insurer shall have the right to terminate, amend and modify the Group Personal Accident Policy by giving each party 30 days prior written notice to the other party.

8. PREMIUM RATE

The Insurer shall have the right to amend and modify the Premium rate payable by OCBC for the Insurance Cover by giving 30 days prior written notice.

9. Exclusions of Rights Under the Contracts (Rights of Third Parties) Acts 2001

Other than OCBC, any person who is not a party to this Policy shall have no rights under the Contracts (Rights of Third Parties) Act 2001 to enforce any of the terms in this Policy of Insurance.

10. ASSIGNMENT

You may not assign the Insurance Cover under this information leaflet or any of its benefits to anyone else.

11. ACCEPTANCE OF THE TERMS AND CONDITIONS

The Insurance Coverage under this information leaflet is subject to and governed by the terms of the Policy.

Benefit Illustration

BENEFITS

A. Death Benefit

Upon your Accidental death, the Sum Assured which is dependent on the amount of co-savings contribution in the CDA as at the date of your death, will be payable in a lump sum, up to a maximum limit of S$50,000.

B. Total and Permanent Disability Benefit

In the event you suffer a Total and Permanent Disability due to accident, the Sum Assured which is dependent on the amount of co-savings contribution in the CDA on the onset of the disability, will be payable in one lump sum, up to a maximum limit of S$50,000.

C. Sum Assured for each CDA Account

Contribution to CDA