Group Death in Service Policy
Quick Guide
As you are aware your Bank of Ireland Life Group Death in Service Policy enables your Retirement Benefits plan
to cost-effectively provide your employees with a benefit in the event of their death in service.
Bank of Ireland Life have recently updated the policy conditions which apply to the Policy, and we trust this
Quick Guide will explain the key features of the updated policy conditions to you.
However, you should note this Quick Guide is just that, a guide. If there is any conflict between this Quick Guide,
any previous policy conditions issued to you, and the updated policy conditions, the updated policy conditions
will take priority.
Key Feature
Condition
Notes
Benefit
Definitions
We can assure a death in service lump sum, dependant’s pension, an orphan’s
pension and children’s pension.
Dependants
Definitions
We can insure benefits (including a pension) payable to a Dependant. A Dependant is
the spouse, civil partner or, if provided for under your Plan’s rules, some other person
who has been wholly or substantially dependant on the member in the opinion of the
trustees during the 2 years prior to death.
Orphan’s
Pension
Definitions
This is a pension payable to a child on the death of a dependant who was receiving a
dependant’s pension. It is divided equally amongst any surviving children, whilst they
meet the definition of a ‘Child’.
2
You and your employees must provide us with full and accurate information and
documentation when we first go on risk, in the event of any changes to information
previously supplied or in the event of a claim. As set out in Condition 2.3, if false,
misleading, incomplete or inaccurate information is provided we may decline to pay
part or all of a benefit.
4
This condition sets out the factors we take into account when setting our premium
rates, and, in certain circumstances, we may calculate the premium due by the ‘unit
rate’ method. If we calculate it by this method, the rate will be fixed for a specified
period advised to you at the time. In certain circumstances, set out in Condition 4.3,
we may amend the unit rate. These include, amongst others, a significant change in
the eligibility conditions, the number of lives assured, or a change in the employer. We
can also replace the ‘unit rate’ method with any method of calculating premium if it is
appropriate for us to do so.
Legal Basis &
Proof of claim
Premiums
How premiums
are paid
Commencing or
revising a benefit
Temporary Cover
Payment of
Benefit
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We will notify you of the premiums due, and they must be paid on the dates they are
due. If they are not paid when due we will go off risk.
5
Please note:
9
While the policy is in force and the premiums are up to date you can apply to include a
new life assured in the policy or to increase an existing benefit assured. Subject to the
terms set out in this condition we may agree to this.
9.7
12
- A minimum premium applies;
- we can agree to alter how often premiums are paid;
- we have the right to change the way by which the premiums are paid.
These terms include, amongst others, obtaining evidence of health, a minimum and a
maximum level of benefit, and any restrictions imposed by us.
If you have asked us to assure a benefit and we are obtaining evidence of health
we may, subject to certain restrictions, temporarily assure the benefit whilst we are
obtaining the evidence up to the earlier of (a) the date we make our decision whether
or not to accept the risk and (b) 90 days from the date we issue our underwriting
requirements.
Any benefit payable will be paid as instructed by you in accordance with the Plan
Rules and the requirements of the Revenue Commissioners.
If a dependant’s pension is being insured and the dependant is more than 10 years
younger than the life assured, the dependant’s pension may be reduced.
Group Death in Service Policy
Quick Guide
Right of Appeal
Option to
purchase
Dependant’s
pension
elsewhere
Continuation
Option
12.7
If we decline a claim, you may appeal the decision up to 18 months after we notify you
of the decision. If we receive an appeal, we will review the decision in accordance
with our internal complaints handling procedures.
13
If you have insured a dependant’s / children’s pension or have a sum assured in
excess of that permitted to be paid in lump sum form, you can purchase an annuity
with Bank of Ireland Life to provide that pension or use the amount available from
Bank of Ireland Life to purchase an annuity with another life office.
14
This option, where it applies, allows the lives assured if they leave service (on or
before age 50 other than for retirement) to replace the cover they have under this
policy with an individual policy in their own name, without having to be medically
underwritten. They must apply for the replacement policy within 30 days of leaving
service. Terms and conditions apply to this option and there are limits on the benefits
which can be assured under the replacement policy. These terms and limits are set
out in Condition 14.3.
You must notify us immediately of any changes in a life assured’s normal occupation
and any other material changes concerning or affecting a life assured (such as a
significant change in earnings or the Employer’s physical processes etc.).
Change of
Occupation or
Circumstances
15
Career Break
& Leave of
Absence
16
Subject to the requirements of the Revenue Commissioners, we may be able to
continue to assure benefits for a life assured on career break or leave of absence.
This cover would be for a maximum of 24 months. We must be notified in advance
and we must give our consent.
Statutory Leave
17
It is possible for us to maintain cover for a life assured who is on statutory leave. This
cover would be for a maximum of 24 months. We must be notified in advance and we
must give our consent.
Complaints and
The Ombudsman
19
We have an internal complaint handling procedure and we hope any complaint
you may have can be resolved within this procedure. If it is not resolved to your
satisfaction you may make an appeal to the Financial Services Ombudsman.
Variation and
Endorsement of
the Policy
20
We reserve the right to make changes to the policy conditions. If we do make
changes to the conditions we will notify you as required by the Consumer Protection
Code. Any changes required by legislation will take place automatically.
You must also notify us at the Review Date (where part or all of the premium is
calculated by Unit Rate) or Renewal Date (in all other circumstances) if the life assured
has to travel or reside outside the Approved Territories* or Iceland, Hong Kong, China,
Singapore, Japan, South Korea and Malaysia.
* European Union, Switzerland, Liechtenstein, Norway, Australia, New Zealand, Canada, United States of America.
Terms and conditions apply. Benefits are subject to underwriting requirements and policy conditions. It is important to note that certain restrictions,
conditions and exclusions apply. Benefits may be subject to tax.
Tax relief, where available, may not be automatically granted. You may have to apply to and satisfy Revenue requirements. Revenue limits, terms and
conditions apply.
While great care has been taken in its preparation, this document is of a general nature and should not be relied upon in relation to specific issues without
taking appropriate financial, insurance, investment or other professional advice. We cannot guarantee the accuracy or completeness of the information in
this document and the information may be condensed. If there is any conflict between this document and the Policy Conditions, the Policy Conditions will
apply.
Bank of Ireland Life is a trading name of New Ireland Assurance Company plc.
New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Central Bank of Ireland. Member of Bank of Ireland Group.
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December 2013
502609 V1.12.13