Payment Protector Basic Terms & Conditions (T&Cs)

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Payment Protector Schedule

Version No. 03/2005


1. Payment Protector

1.1 Payment Protection. We have obtained a group insurance policy (“Policy”) from Ace Insurance Limited (“Ace”) which would offer cover for the outstanding amount of your Personal Loan upon the occurrence of certain events if we agree to grant you a Personal Loan and we accept your application for Payment Protector. In the event of any inconsistency between this Schedule and the Policy, the terms of the Policy shall prevail. This Schedule does not create a contract of insurance between you and Ace.

1.2 Discharge from Liability. In the event that we receive payment from Ace under the Policy, you shall be discharged from your liabilities under the Personal Loan to the extent of the cover as stipulated below.


2. Cover

2.1 Cover. 100% of the outstanding amount of your Personal Loan, as calculated using the formula in Clause 6.2 of the Terms and Conditions of Personal Loan as at the date of occurrence, shall be covered in the event of:

2.1.1 Accidental Death. You sustain Bodily Injury which results in your death within one hundred and eighty (180) consecutive days from the date of the Accident;

2.1.2 Total and Permanent Disablement. You sustain Bodily Injury which results in Permanent Disablement of the following nature:

(i) Loss of or Loss of Use of both arms or both legs; or
(ii) Loss of or Loss of Use of both hands or both feet; or
(iii) Loss of entire sight of both eyes; or
(iv) Total and Permanent Loss of speech and hearing; or
(v) Total and Permanent Loss of hearing.

2.1.3 Terminal Illness. In the first instance, and not any subsequent instance, that you are diagnosed and confirmed by a Doctor to be suffering from Terminal Illness, provided that you must be alive at least thirty (30) days after the date of the confirmed diagnosis.

2.2 The benefits as described in clause 2.1 above are mutually exclusive and shall not in any event exceed 100% of the outstanding amount of your Personal Loan.


3. Exclusions

3.1 Exclusions. You shall not be entitled to the coverage under Payment Protector, if your Bodily Injury is directly or indirectly consequent upon or contributed to by the following:

3.1.1 suicide, or attempted suicide, suicide pacts or agreements, while sane or insane, or self-inflicted injury;

3.1.2 war, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection or any military usurpation of

3.1.3 your illegal acts;

3.1.4 you were driving, manoeuvring or controlling any kind of vehicle or craft (whether in the air, on land or on water) while the alcohol content of your blood exceeds the level permitted by the law of the country where the Accident occurs;

3.1.5 your engaging in aviation other than as a fare-paying passenger (i) in a fixed-wing aircraft provided and operated by a regularly scheduled airline or air charter company which is duly licensed for the regular transportation of fare-paying passengers; or (ii) in a helicopter provided and operated by an
airline which is duly licensed for the regular transportation of fare-paying passengers, provided such helicopter is operated only between established
commercial airports and/or licensed commercial heliports;

3.1.6 your engaging in professional sport meaning sport where your livelihood is substantially dependent on income received as a result of playing the sport;

3.1.7 you were under the influence of intoxicating liquor, including having blood alcohol content over the prescribed legal limit whilst driving, or being under the influence of any other drug unless it was prescribed by a Doctor and taken in accordance with the Doctor’s advice;

3.1.8 your pregnancy, childbirth, or miscarriage;

3.1.9 your illness, disease, bacterial or viral infection, even if contracted by accident, other than bacterial infection that is the direct result of an accidental cut or wound or accidental food poisoning;

3.1.10 nuclear reaction, radiation, radioactive contamination or nuclear, chemical, biological terrorism; and

3.1.11 any Pre-Existing Medical Condition.


4. Claims

4.1 Claims. Immediately upon the occurrence of an event for which you are covered, you (or your next of kin) should contact our customer service to request for a claim form. This claim form must be submitted to Ace as soon as possible and in any event, within sixty (60) days after the date of the occurrence.

4.2 Proof. You are required to supply any documents or evidence as may reasonably be required by Ace, to verify a claim at your expense.

4.3 Medical Examination. Ace shall be entitled to, at Ace’s expense, carry out a medical examination to verify a claim. In the case of conflict between medical opinions, the opinion of Ace’s appointed Doctor shall prevail. Ace shall, in the event of your death, be entitled to have post-mortem examination performed at Ace’s expense where it is not prohibited by law.

4.4 Failure to Notify. Failure to notify or provide proof of claim to Ace within sixty (60) days shall not invalidate a claim if it can be shown, to Ace’s satisfaction, that it was not reasonably possible to give such proof of claim within the prescribed time limit for an otherwise legitimate claim.

4.5 Fraud. Ace is entitled to refuse a claim either in whole or in part , if fraud is involved in the making of such claim.


5. Termination

5.1 Notice. You shall be entitled to terminate Payment Protector at any time by giving us 30 days’ notice in writing. We shall be entitled to terminate Payment Protector with immediate effect at any time.

5.2 Automatic Termination. Payment Protector shall be automatically terminated upon:

5.2.1 our receiving payment from Ace in respect of your claim;

5.2.2 your reaching sixty-four (64) years of age;

5.2.3 your having completed payment of all amounts due under the Personal Loan; or

5.2.4 your failing to settle any amounts due under Personal Loan for more than ninety (90) days.


6. Definitions

6.1 “Accident” or “Accidental” means a sudden, unforeseen and fortuitous event occurring while cover under Payment Protector is in force;

6.2 “Accidental Death” means death occurring while cover under Payment Protector is in force resulting solely, directly and independently of all other causes from an Accident caused by external, violent and visible means;

6.3 “Biological agent” means any pathogenic (disease producing) micro-organism(s) and/or biologically produced toxin(s) (including genetically modified organisms and chemically synthesized toxins) which cause illness and/or death in humans, animals or plants.

6.4 “Bodily Injury” means injury resulting from an accident and which is not an illness and which:

6.4.1 is caused by violent external and visible means; and

6.4.2 occurs while cover under Payment Protector is in force; and

6.4.3 results within one hundred and eighty (180) days of the Accident; and

6.4.4 results solely and independently of any causes other than:

(i) the Accident; and/or
(ii) sickness directly resulting from medical or surgical treatment rendered necessary by the Accident; and

6.4.5 may include a bodily injury caused by you being directly and unavoidably exposed to the elements as a result of an Accident .

6.5 “Chemical agent” means any compound which, when suitably disseminated, produces incapacitating, damaging or lethal effects on people, animals, plants or
material property.

6.6 “Doctor” means a legally licensed doctor or surgeon duly registered and practising within the scope of his licence pursuant to the laws of the country in which such practice is maintained, and shall not include us, you or any of your relatives unless otherwise approved by Ace.

6.7 “Loss of limb” means loss by complete physical severance of a hand at or above the wrist or of a foot at or above the ankle.

6.8 “Loss of sight” means total and irrecoverable loss of all sight in any eye rendering you absolutely blind in that eye and beyond remedy by surgical or other

6.9 “Loss of speech and hearing” means total and irrecoverable loss of speech and hearing which is beyond remedy by surgical or other treatment.

6.10 “Loss of Use” means loss in terms of physical incapacity or disability in all aspects of daily living and not only in terms of your professional or occupational
incapacity or disability.

6.11 “Nuclear, Chemical, Biological Terrorism” means the use of any nuclear weapon device or the emission, discharge, dispersal, release or escape of any solid, liquid or gaseous Chemical agent and/or Biological agent during the period when cover under Payment Protector is in force by any person(s) or group(s), whether acting alone or on behalf or in connection with any organisation(s) or government(s), committed for political, religious or ideological purposes or reasons including the intention to influence any government and/or to put the public, or any section of the public, in fear.

6.12 “Paraplegia” means the Loss of use of both legs and the Permanent Loss of Use of part of or whole of the lower half of the body.

6.13 “Permanent” means having lasted twelve (12) consecutive months and at the expiry of that period, being beyond hope of improvement.

6.14 “Pre-existing Medical Condition” means:

6.14.1 any condition for which a Doctor was consulted or for which treatment or medication was prescribed prior to the date of the Confirmation; or

6.14.2 a condition, the manifestation or symptoms of which a reasonable person in the circumstances would be expected to be aware of at the date of the

6.15 “Quadriplegia” means the Loss of Use of both arms and both legs.

6.16 “Total and Permanent Disablement” means if you suffer a Permanent Loss of Use, Quadriplegia or Paraplegia as a result of an Accidental Injury and a Doctor certifies this.

6.17 “Terminal Illness” means you must be suffering from a disease which in the opinion of a Doctor and supported by Ace’s Doctor, is likely to lead to death within six (6) months from the date of diagnosis.


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