ONECARE - OnePath

1 PROTECTION FOR LIFETM Product Disclosure Statements and Policy Terms: ONECARE I ONECARE Super19 August 2017 ONECAREINSURANCEYOUR FINANCIAL ADVISER IS THERE TO HELP When applying for insurance Cover, your financial adviser can help you consider your options and ensure you make the right choices for you and your an understanding of your goals, your adviser can help you: structure a policy that offers you the right types of Cover calculate the amount of Cover you need choose the Cover types and features and options that are important to you structure your insurance financial adviser is required to provide you with a Statement of Advice detailing your insurance requirements as well as the payments they will receive for advising you about your Cover is in force, it s important to meet regularly with your financial adviser to ensure your Cover continues to meet your needs. Your ONECARE Cover should be appropriate for your circumstances both now and as they change in claim time, your financial adviser can have a fundamental role in guiding and supporting you through the claims you purchase your policy through a financial adviser, we may pay your financial adviser a standard commission for selling you this product and for the ongoing management of your insurance portfolio.

2 This commission is already built into your premium. Your premium may be reduced if you and your financial adviser agree to commission below the standard commission. Your financial adviser can also charge a fee for service directly to you. The adviser may choose to use both options on the one Financial Services Guide (FSG) is an important document that outlines the type of products and services that each of the licensed OnePath entities is authorised to provide under their Australian Financial Services Licence (AFSL). Please visit for a copy of the INSURANCE CODE OF PRACTICEWe have adopted the Life Insurance Code of Practice, which contains minimum standard medical definitions for certain conditions. This means that where your Trauma Comprehensive and Premier Covers includes one of the conditions defined under the Code and you make a claim, we will assess your claim against the better of the following definitions:a. the applicable definition in our PDS linked to the full benefit amountb.

3 If different from (a) above, the corresponding minimum standard medical definition in the Code that is current at the time of the insured minimum standard medical definitions provided under the Code only apply to the first $2 million of Trauma Comprehensive and Premier Covers where we issued your policy on or after 1 July 2017. They do not apply to any of the following:a. other benefits such as Trauma Cover either reinstated after a claim or where the amount payable varies according to the severity of the conditionb. to payments for benefits included with Income Secure Cover or Total and Permanent Disability (TPD) minimum standard medical definitions provided under the Code can be found at ( ONECARE and ONECARE Super dated 6 November 2016 under Product Disclosure Statement ). You can request a free paper copy of this information by contacting our Customer Services Team on 133 Page Section PageLife Insurance Code of Practice 2 Your financial adviser is there to help 2 This document explains ONECARE 4 What are ONECARE and ONECARE Super?

4 6 Who issues ONECARE and ONECARE Super? 6 This PDS 6 Many words in this PDS have a special meaning 7A broad range of insurance Cover 8 Applying for ONECARE Cover here s how 9 This PDS is a policy contract 10 Who can own your Cover? 10 OnePath Life rewards you 12 The amounts you can insure 13 Conditions on who can be a life insured 15We will not pay a benefit in some circumstances 16 Different ways we can pay benefits 19 How to claim 20 Life Cover 21 Total and Permanent Disability Cover 26 Trauma Cover 38 Child Cover 47 Extra Care Cover 50 Standard features of lump sum Covers 52 Income Secure Cover 66 Business Expense Cover 98 Living Expense Cover 106 Glossary of trauma conditions 111 Glossary of special terms 119 ONECARE Super 124 Key information you should know 1303In 2016 OnePath s ONECARE product received two Life Company of the Year awards from the AFA for Term/TPD Insurance, and Trauma 2016 OnePath s ONECARE product received three 5-Star Outstanding Value awards from CANSTAR for Life Insurance Australia.

5 Trauma Life Insurance and Packaged Life VALUEAILARTSUA ECNARUSNI EFIL20162016 OUTSTANDING VALUEECNARUSNI EFIL20162016 AMUARTOUTSTANDING VALUEECNARUSNI EFIL20162016 DEGAKCAPTHIS DOCUMENT EXPLAINS ONECARE The Product Disclosure Statements and Policy Terms (PDS) sets out the benefits, features, options, risks and cost information of the following products: ONECARE ONECARE SuperThis PDS explains how to apply for these products and the choices you need to to find your way around this PDSTo help you find specific information you need quickly, we have divided this PDS into five 1: Information you should know when applying for CoverWhat are ONECARE and ONECARE Super? Page 6 This section briefly explains the ONECARE and ONECARE Super products and their issuers How to apply Page 9 This section explains the application process Decisions you need to make Pages 10 to 19 This section explains some important choices you need to make.

6 You will need to know about: available types of Cover and structures who can own your Cover The amounts you can insure: limits on who can be a life insured different ways we can pay benefitsRewards Page 12 We offer a number of benefits and featuresExclusions Page 16 It is important to know when we won t payHow to claim Page 20 This section explains how to claim and sets out our claim requirements45 Part 2: Details of ONECARE CoverLump sum Covers This section explains when we pay the key and additional benefits of lump sum Covers. It also explains the standard features of each Cover and extra cost options Life Cover, TPD Cover, Trauma Cover, Child Cover and Extra Care Cover Pages 21 to 51 Standard features and extra cost options of lump sum Covers Pages 52 to 65 Monthly benefit Covers This section provides details of when we pay the key and additional benefits of monthly benefit Covers. It also explains the standard features and extra cost options available under each Cover Income Secure Cover, Business Expense Cover and Living Expense Cover Pages 66 to 110 Part 3: Glossary Glossary of trauma conditions Page 111 Glossary for Baby Care Option under Trauma Premier Cover Page 118 Glossary of special terms Page 119 Part 4: Details of ONECARE Super This section provides important information about ONECARE Super.

7 Page 124 This includes information about: membership of the MasterFund Cover available through ONECARE Super how to pay premiums who can contribute to the MasterFund nominating beneficiaries for death benefitsPart 5: Key information This section contains important information you should know about ONECARE . Page 130 This includes information about: premiums taxation risks statutory funds changing policy owner nominating beneficiaries complaints duty of disclosure interim cover privacy6 WHAT ARE ONECARE AND ONECARE SUPER? ONECARE is an insurance product offering various lump sum and monthly benefits. It offers Life Cover, Total and Permanent Disablement (TPD) Cover, Trauma Cover, Child Cover, Extra Care Cover, Income Secure Cover, Business Expense Cover and Living Expense Cover. ONECARE insurance can be purchased through super (via an external master trust, self-managed super fund (SMSF) or small APRA fund) or outside Super is an insurance-only superannuation product for those customers who wish to have ONECARE insurance Cover through super in the OnePath MasterFund (MasterFund) ABN 53 789 980 697 RSE document explains the terms, conditions and features of both these ISSUES ONECARE AND ONECARE SUPER?

8 OnePath Life Limited ABN 33 009 657 176 AFSL 238341 ( OnePath Life) issues ONECARE . (This includes ONECARE External Master Trust and ONECARE SMSF). OnePath Custodians Pty Limited ABN 12 008 508 496 AFSL 238341 RSE L0000673 ( OnePath Custodians) issues ONECARE Super. OnePath Custodians is the trustee of the Life and OnePath Custodians are the issuers of this PDS. Both OnePath Life and OnePath Custodians are responsible for the contents of this PDS. However, an issuer is not responsible for the products issued by the other Life and OnePath Custodians are owned by Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (ANZ). ANZ is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Life and OnePath Custodians are the issuers of the products but are not Banks. Except as set out in this PDS, the products referred to in this document are not a deposit or other liability of ANZ or its related group companies.

9 None of them stands behind or guarantees the relevant products. Note: ONECARE is a registered trademark of OnePath Administration Pty Limited and Protection for Life is a trademark of OnePath PDSThe following sections of this PDS explain the terms and conditions, how you can apply for and when to claim benefits for ONECARE and ONECARE Super should read this PDS carefully and keep it in a safe PDS is not personal adviceThe information in this PDS is general information only and does not take into account your personal needs and financial circumstances. You should consider whether the information is appropriate for you, considering your objectives, financial situation and to information in this PDSC ertain information in this PDS, including taxation information, is based on present laws and how we interpret those laws. We will issue a supplementary or replacement Product Disclosure Statement if there is a materially adverse change to, or omission of, information in this PDS.

10 You can request a free paper copy of any updated information by contacting 133 also reserve the right to change matters which do not form part of the policy terms. This includes administrative matters, or fees and WORDS IN THIS PDS HAVE A SPECIAL MEANINGThe following table explains the meaning of particular terms and expressions throughout this PDS:ExpressionMeaning we , our and us OnePath Life you and your The policy owner, except where Cover is held through super in which case it means the life insured. policy The contract between the policy owner and us comprised of this PDS (except for any term expressly stated in this PDS to not form part of the policy) and the relevant Policy Schedule. policy owner We issue the policy to the policy owner. The policy owner is named in the Policy Schedule. life insured The life insured is a person whose life is to be insured under the policy and who is named as a life insured in the Policy Schedule.