1. INTERPRETATION

In this policy terms and conditions:

Clause headings are for convenience purposes only and shall not be used in its interpretation. Unless the context clearly indicates otherwise: Words importing one gender include all genders. A natural person includes an artificial person and vice versa. Singular includes plural and vice versa. Any term defined within a clause carries that meaning throughout the policy.

Definitions:

• Surrender: Cashing a life assurance policy before benefits are due.
• Surrender Value: Money paid on a surrendered policy.
• Paid-Up Policy: Policy where surrender value is used as a single premium for reduced cover.
• Maturity: Date when benefits become payable after full premium payment.
• Reinstatement: Renewal of a lapsed or paid-up policy.

2. TRAVEL, RESIDENCE AND OCCUPATION

Policy has no restrictions on travel, residence, or occupation unless stated otherwise.

3. AGE OF LIFE ASSURED

• Minimum entry age: 18 years
• Maximum entry age: 60 years
• If age is misstated, benefits are adjusted according to the correct age.

4. PREMIUM PAYMENT

• Premiums are paid monthly in advance.
• May be paid quarterly, half-yearly, or annually by arrangement.
• Agent commission applies only to due premiums.

5. GRACE PERIOD

• 90 days allowed for late premium payment.
• Policy lapses if unpaid after grace period (before 2 years of payments).

6. PAID-UP POLICY

A policy becomes paid-up if:

• It has run for more than 3 years; and
• Premiums are overdue by more than 90 days; or
• The policyholder chooses to stop payments after at least 2 years.

7. MATURED POLICY

Policyholder may:

• Receive a residential stand (subject to value), or
• Take a cash payout.

Additional: If stand value exceeds benefit → client tops up. Statutory fees (e.g., VAT) are paid by the policyholder.

8. DEATH BENEFIT

• Payable: Higher of accumulated fund or $5,000.
• Applies per life (regardless of number of policies).
• 6-month waiting period: Early death → refund of premiums minus fees.

9. SURRENDER VALUE

• Available after 3 years of premium payments.
• Subject to deductions (fees and costs).

10. PREMIUM DEFAULT

Policy lapses without benefit if unpaid for 90 days (for policies under 2 years).

11. REINSTATEMENT

• Policy can be revived within 12 months of lapse.
• Requires application and payment of arrears plus interest.

12. FAILED REINSTATEMENT

If reinstatement fails → policy treated as paid-up.

13. SUICIDE CLAUSE

If death by suicide occurs within 2 years of policy start, or 2 years after reinstatement → No benefits payable.

14. TRANSFER OF RIGHTS

Policyholder may transfer rights to a third party after at least 2 years of premiums paid with written instruction.

15. BASIS OF CONTRACT

• Policy and all submitted documents form the full contract.
• Changes must be in writing or digital approval by Fidelity Life.

16. CURRENCY

• All payments are in USD.
• Payable at Fidelity Life offices.

17. COOLING-OFF PERIOD

• Policy can be cancelled within 30 days without penalty.
• All premiums paid are refunded.

18. COMMUTATION OF PREMIUMS

• Lump sum payment option to cover future premiums.
• Subject to terms and limits.