Annuity Plan: General Conditions

If your policy commenced prior to 1 January 2005 please contact Customer service who will provide you with the General Conditions applicable to your policy.

1 January 2005

Section 1 - Definitions

In these general conditions the following definitions shall apply:

Company: Nordben Life and Pension Insurance Co Limited

Principal Office: Harbour House, South Esplanade, St Peter Port, Guernsey, Channel Islands, GY1 1AP.

Contract: Consists of the Policy, the General Conditions, an application by the Grantee as acknowledged by the Company and any written declaration or statement made by one of the parties to the Contract and acknowledged by the others.

Grantee: The person who effects the Policy.

Annuitant: The person on whose life the Policy is written.

Policy: The policy issued to the Grantee by the Company including any Statement of Benefits issued from time to time by the Company, and any endorsements, amendments and exclusions which may be attached to the policy document during the term of the Contract.

Parties to the Contract: The Company, the Grantee and, where applicable, the Annuitant as defined above.

Specified Dependant: A person specified in the Policy to receive a survivor’s or children’s pension.

Designated Beneficiary: A person designated in the Policy to receive a lump sum payment in the event of the Annuitant’s death prior to the age specified in the Policy.

Words of the masculine gender shall include the feminine and the singular shall include the plural where the context admits it.

Section 2 - The Contract

The Contract comes into force on the commencement date specified in the Policy.

Section 3 - Currency

The benefits and premiums shall be determined in the currency specified in the Policy.

Section 4 - Benefits

The type of coverage and the amounts insured are shown in the Policy.

All benefits are payable at the Principal Office of the Company.

Section 5 - Retirement Pension

The terms and the frequency of payment of the retirement pension are shown in the Policy. The retirement pension is paid from the retirement date specified in the Policy.

Section 6 - Survivor’s Pension

The terms and the frequency of payment of the survivor’s pension are shown in the Policy. The survivor’s pension is paid to the Specified Dependant named in the Policy.

Section 7 - Children’s Pension

The terms and the frequency of payment of the children’s pension are shown in the Policy. The children’s pension is paid to each child specified in the Policy.

Section 8 - Lump Sum on Death

The terms of the lump sum payment are shown in the Policy. The proceeds will be paid to the Designated Beneficiary or, if no such Beneficiary exists, to the estate of the deceased.

Section 9 - Premiums and Premium Payment

All premiums are to be paid to the Company’s Principal Office in advance of the Policy commencement date.

Section 10 - Misstatement of Age and Sex

If age or sex has been misstated, the benefits shall be adjusted to the amounts corresponding to the correct age or sex.

Section 11 - Misrepresentation

The Company can contest the validity of the Policy or deny a claim as a result of any material misrepresentation of a fact, provided the misrepresentation has been made in an application or in any written declaration or statement.

Section 12 - Bonus

Policies written in a particular currency form a separate bonus group. The Bonus is computed and distributed in accordance with regulations determined by the Company.

Section 13 - Notification

The Company shall direct all correspondence, notifications and information under this Contract to the Grantee unless the Grantee has in writing designated the Annuitant as an additional or sole addressee for such communications.

Section 14 – Limitation on Claims

Any claims of whatsoever nature arising under or relating to the Contract shall be brought against the Company by not later than the expiry of a period of three years calculated from the date the last payment of any benefit described under section 5, 6, 7 or 8 was made, whichever be the case, upon expiry of which period of three years all and any claims not instituted against the Company and all liability of the Company shall be extinguished.

Section 15 – Records

The Company shall, upon expiry of a period of six years calculated from the date the last payment of any benefit described under section 5, 6, 7 or 8 was made, be entitled to dispose of all documentation and records relating to the Policy.

Section 16 - Legal Jurisdiction

This Contract is governed by the Laws of Guernsey.