19

Life Insurance Q&A for Customers Considering Life Insurance:

From the Commencement of a Contract to Receiving Insurance Benefits 20

Products and Nissay Insurance Accounts for IndividualsQ1 Can you help me to choose life insurance suitable for my family and myself? 22

From Application to Conclusion of a PolicyQ2 I would like to know about procedures upon enrollment 26

Provision of Information during the Term of a PolicyQ3 It has been quite a long time since I enrolled in my policy. Is there any information

available to remind me about the contents of my policy? 28

Submitting Insurance Claims and BenefitsQ4 What if you have already entered a hospital or had surgery? 30Q5 A relative passed away. What should I do? 30Q6 I was told that my insurance claim was ineligible for payment. What should I do? 31

Strengthening the Underwriting and Insurance Claims and Benefit Settlement System and Expanded Explanation

Q7 What is the system for the regular payment of insurance claims and benefits? 32

Insurance Consultation and InquiriesQ8 What do I do when I don’t understand something about insurance or

otherwise have trouble? 34Q9 Who are the Nissay Total Partners? 35Q10 What are agencies? 36Q11 Is it true that I can enroll in insurance at the bank or credit union? 37Q12 Are there consultation counters at Nippon Life? 37Q13 What kind of procedures could be completed over the phone or by Internet? 39Q14 I am hesitant to enroll in life insurance products because I think they are complicated. 40Q15 Will my personal information be safe? 41

To Corporate ManagersQ16 I am the owner of a company. How can I offer improved benefit plans to executives

and employees? 42

Investing Insurance Premiums Entrusted to UsQ17 Are the insurance premiums we are paying being safely invested? 45

Overseas Business Development 46

CHAPTER 2

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CONSIDERING LIFE INSURANCE: FROM THE COMMENCEMENT OF A CONTRACT

A life insurance policy is an agreement with a customer that spans 20–30years from the time the customer enrolls in a policy until the policycomes to maturity, or until the customer receives claims or benefits. Inorder to give customers constant peace of mind, it is also important toreview and adjust coverage as needed in response to events that occurduring the course of this long-term agreement.

Different considerations for different cases—The following showsexamples of the counseling sought and questions asked by customers aswell as insurance-related procedures based on the stage of the contract.We hope that reading the following pages in conjunction with the rest of

chapter 2 will give readers a greater understanding of our mission.Please contact your local Nippon Life representative at any time toinquire about insurance coverage.

Q8: What do I do when I don’t understand something aboutinsurance or otherwise have trouble? .......P34

Q1: Can you help me to choose life insurance suitable for my family and myself? . . . . . . . . . . . . p. 22

Q14: I am hesitant to enroll in life insurance products because I think they are complicated? . . . p. 40

Q15: Will my personal information be safe? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 41

Q17: Are the insurance premiums we are paying being safely invested? . . . . . . . . . . . . . . . . . . . p. 45

From Application to Conclusion of Policy

Applying for and receiving benefits

Insurance Plan Proposal

Underwriting Assessment

Q4: What if you have already entered a hospital or had surgery ? . . p. 30

Q6: I was told that my insurance claim was ineligible for payment. What should I do? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 31

Q7: What is the system for the regular payment of insurance claims and benefits? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 32

Policy ConfirmationPlan Review

(Policy Stages)

Policy guide Application Form

Comparative Prospectus Life News

Databook 2007Information on

“Consistent Protection. Superior Services.”

Concerning the Receipt of

Insurance Benefits

Notices of policy terms and conditions

Benefit settlement assessment/guidanceDisclosure of policy-related information/policy change procedure

Q2: I would like to know about procedures upon enrollment . . . . . . . . . . . . . . . . . . . . . p. 26

Reference:We recommend customers refer to The Japan Institute of Life Insurance (JILI) website section“Life Insurance Policy Procedures” for easily understandable information on life insurance poli-cies. The website also features information about life insurance framework life planning, andtaxes in an easily understandable format.

The Japan Institute of Life Insurancehttp://www.jili.or.jp/ (Japanese) The Japan Institute of Life Insurance website’s top page

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TO RECEIVING INSURANCE BENEFITS

Q3: It has been quite a long time since I enrolled in my policy. Is there any information available to remind me about the contents of my policy? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 28

Q16: I am the owner of a company. How can I offer improved benefit plans to executives and employees? . . p. 42

Applying for and receiving settlements

*Please refer to pp. 24-25 for an overview of products (Main Policies/Riders)

Q5: A relative passed away. What should I do?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 30

Q6: I was told that my insurance claim was ineligible for payment. What should I do? . . p. 31

Q7: What is the system for the regular payment of insurance claims and benefits? . . . . . p. 32

Consultations and Procedures for Policy Changes

Insurance payment assessment/guidanceReview of insurance coverage

Marriage

Birth of a child

When the youngest child becomes an adult

Divorce

When something unexpected happens to the policyholder

When something unexpected happens to the beneficiary

When a specified reason for payment occurs or when there are grounds for exemption of premium payment

Change of policyholder

Change of beneficiary

Change of family name or

other name

Change of personal seal

Change of type of policy or rider

Self /Self/Spouse

Self/Spouse /Self/Spouse and child

Self/Spouse and child/Self/Spouse

Self/Spouse and child/Self/Child

Increasing coverage amount or

adding coverage

Change of address

Change of bank account information

Claims and benefits

Talk to Your Local Nippon Life Representative at These Times

Q9: Who are the Nissay Total Partners? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 35

Q10: What are agencies?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 36

Q11: Is it true that I can enroll in insurance at the bank or credit union? . . . . . . . . . . . . . . . . . . . . . . . . . p. 37

Q12: Are there consultation counters at Nippon Life? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 37

Q13: What kind of procedures could be completed over the phone or by Internet? . . . . . . . . . . . . . . . . . p. 39

Assorted documentation

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PRODUCTS AND NISSAY INSURANCE ACCOUNTS FOR INDIVIDUALS

Nippon Life Product LineupNippon Life strives to offer services and develop products with primary emphasis on providing truly usefulcoverage for customers. The areas that customers want to prioritize when choosing coverage vary according totheir life stages. Furthermore, lifestyles have been undergoing major changes in recent years; people aregetting married later in life and an increasing number of people are remaining single, leading growth in thenumber of households where more than one member holds down a job.

To respond thoroughly to such diversifying customer needs, Nippon Life has reviewed and, where appro-priate, improved its product lineup of death protection, medical and nursing care coverage, savings and retire-ment coverage, coverage for children and other products. We combine these to supply customers withcomprehensive, well-balanced coverage according to their needs.

Nissay Insurance AccountsNippon Life works to provide comprehensive coverage suited to the needs of each and every one of its cus-tomers. Customers are able to join the service free of charge, and Nippon Life considers Nissay InsuranceAccounts to be the centerpiece of its product and service strategy as a service that consolidates all types ofcoverage under a single umbrella.

By consolidating coverage into a single account, customers can easily confirm their insurance holdingsand pinpoint areas where they might have either too much or too little coverage. It also simplifies theprocedures that customers have to go through. Furthermore, premiums are discounted when coverage isconsolidated.

Nissay Insurance Accounts provide for both life insurance and non-life insurance and service needs,providing peace of mind in a more beneficial, comprehensible and convenient way.

Can you help me to choose life insurance suitable for my family and myself?Q1

Nissay Insurance Accounts Card

Nissay Insurance Accounts Card, TypeOneIn addition to the features and privileges ofNissay Insurance Accounts cards, Type Onecards offer users a variety of advantages, includ-ing an automatic 1% return on amounts spent onshopping services provided by Toyota FinancialCorporation.

Discounts are offered on premiums for EX series products (policies effectiveas of April 2, 1999) depending on the total transaction amount for the policy inwhich a customer has enrolled.

Discount Based on Transactions

Discounts are available on insurance premiums for automobile and accidentinsurance from Nissay Dowa General Insurance.

Discounts for Non-LifeInsurance Accounts

Longer spans of continuous policy coverage provide customers with higher divi-dend eligibility.

Higher Dividends forLonger Participation

We provide an array of benefits and services to match each customer’s lifestyle:– Transactions can be conducted by phone, over the Internet, through ATMs, and

other means– Complimentary service and special discounts at 10,000 affiliates throughout Japan– Consulting regarding health or nursing care, and providing information about

medical organizations– Housing loan preferred interest rate services, etc.

Naruhodo TokutenServices forPolicyholders

Four Advantages of Nissay Insurance Accounts

Once a year, Nippon Life sends customers a “Notice of Policy Terms and Conditions.” Please request informa-tion on “Consistent protection. Superior services.” For details on how to find out about the policies in whichyou are enrolled (see p. 28 to 29).

Ikiru Chikara EXMedical coverage offering sufficient protection must provide both daily hospitalization costs and substantialfunds to live on when one is suffering from a serious disease. Ikiru Chikara EX insurance policies providecomprehensive medical coverage that meets both of these medical coverage requirements, as well as provid-ing for the family of the deceased.

Ikiru Chikara EX

Ikiru Chikara Frau EX

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■ Life Insurance ProductsIryo Meijin EX (Launched in September 2005)These medical insurance policies were developed for customers 50 years of age and over who are seriouslythinking about enrolling in policies that provide for their own medical coverage needs in addition to death pro-tection. In addition to hospitalization and surgery coverage, the policies provide coverage in the event ofserious conditions, including the three most “dread diseases,” serious designated lifestyle diseases, organtransplants and other situations.

Super Phoenix 100EX (Launched in September 2005)This is a long-term life insurance policy for business executives with coverage lasting until the age of 100. Itprovides for business insurance capital in case of unforeseen circumstances that affect the executive, andalso serves as a provision for retirement bonuses at the time the executive steps down.

■ Products Sold at Service Counters of Financial InstitutionsLong Dream (Launched in December 2005)Long Dream policies are single-payment whole life insurance policies sold only at the life insurance countersof banks and credit unions. This product features the combination of lifelong death protection with highlyeffective asset formation. The lineup of Long Dream policies also includes our first-ever dollar denominatedproduct.*This product is named Eternal Dream or Ever Dream at some financial institutions.

My Dream Plus (Launched in August 2006)My Dream Plus is an annuity with a variable accumulation rate released to help customers prepare for theirown retirement and to meet asset management needs. The product reflects changes in market interest ratesin a timely manner. (It is sold nationwide at financial institutions, including banks and credit unions, as well asat Nissay Life Plazas.)

■ Non-Life Insurance ProductsLong-Term Automobile Insurance Long (Launched in April 2006)Nippon Life sells non-life insurance as an agency of Nissay Dowa General Insurance. Long extends the cover-age period of our existing Pittato-Kun and New F · PAP automobile insurance to three years (or two years).The policies provide a number of advantages to customers. Insurance premiums are lower than those for poli-cies that must be renewed annually, and customers do not have to go through the procedure of renewing theirpolicies during the coverage period.

Iryo Meijin EX

Super Phoenix 100EX

Long Dream

My Dream Plus

Nissay Dowa General Insuranceautomobile insurance productPittato-Kun

NEWLY DEVELOPED PRODUCTS

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Overview of Main Products for Individual Customers (as of July 2007)

■ Main Policies• Death Coverage / Medical Coverage

Type of Insurance Summary Product Name

Whole life insurance* Insurance that guarantees coverage over the insured’s whole life Nissay Whole Life Insurance EXWhole Life Insurance Nice Day EX (for women)Whole Life Insurance Seicho-Nikki EX (for children)

Term life insurance* Insurance with death protection for a set period Nissay Term Life Insurance EX

Whole life insurance Insurance that combines term coverage for a set period of time with Whole Life Insurance with Term Rider Long Run EXwith term rider* coverage that continues for the insured’s whole life Whole Life Insurance with Term Rider Nice Day More EX (for women)

Whole Life Insurance with Term Rider Kenkou Jyujitsu Sengen EXWhole Life Insurance with Annuity Certain for Family Fureai Kazoku EXWhole Life Insurance with Term Rider My Anniversary EX

Ikiru Chikara* Insurance that combines term coverage and medical whole life insurance Ikiru Chikara EXfor illness, injuries and cancer Ikiru Chikara EX (cancer coverage type)

Ikiru Chikara EX (medical coverage type)Ikiru Chikara Master Class EX (for male customers aged 50 and over)Ikiru Chikara Frau EX (for women)

Hospitalization and Insurance that covers hospitalization and surgery Iryo Meijin EX (for customers aged 50 and over)medical insurance* Yume no Chikara (for woman)

Cancer Insurance* Insurance that guarantees various types of coverage for life if the insured Nissay Cancer Insurance EXis diagnosed with cancer

• Coverage Combining Protection and Saving ComponentsType of Insurance Summary Product Name

Endowment insurance* Insurance with equal benefit payments for death, serious disability Nissay Endowment Insurance EXor upon policy maturity

Endowment insurance Insurance that combines death protection for a set period with Endowment Insurance with Term Rider Nissay Kurashi no Hoken EXwith term rider* endowment insurance Endowment Insurance with Term Rider Little Anniversary EX

• Retirement CoverageType of Insurance Summary Product Name

Fixed amount annuities* Insurance that pays a fixed annuity when a specified age is reached Individual Fixed Annuity Nenkin Meijin EXIndividual Fixed Annuity Kenkou Sapoto Nenkin EX

Products sold at financial institution service countersAnnuity with variable Adds to annuity resource coverage; while promising a set yield, Nissay Variable Accumulation Rate Annuityaccumulation rate provides annuity insurance with timely single payments that (fixed interest rate and variable interest rate types)

reflect changes in market interest rates

Variable amount Insurance with single premiums managed in a separate account, Individual Variable Annuity Toshi Gata Nenkin (Investment-Type annuities with future amount of annuity, surrender value, and death Annuity): (standard and balanced types)

benefit based on investment performance

Annuity with variable accumu- Single payment whole life insurance with an accumulative rate Nissay Variable Accumulation Rate Type Single-Payment Whole Life lation rate type single-payment that moves in response to market interest rate Insurance (yen or U.S. dollar denominated)whole life insurance

• Coverage for Other NeedsType of Insurance Summary Product Name

Term life insurance Insurance paying survival benefit every three years in addition to Term Life with Survival Benefit Insurance Nissay BIG YOU EXwith survival benefit death/serious disability coverage Term Life with Survival Benefit Insurance Nissay Melody EX

Juvenile insurance Insurance paying special payment when the child reaches specified age Juvenile Insurance Genki EXand a specified education annuity if the policyholder dies

Notes:1. EX series products:Policies with policy dates after April 2, 1999, that were also sold at the start of Nissay Insurance Accounts.All features of the Nissay Insurance Accounts apply, namely discounts based on transactions, Naruhodo Tokuten services for policyholders and higher dividends for longer par-ticipation. (See p.22 for details).

2. Products denoted with * have a Key Man plan (when policy is in the name of a corporation) that provides a death benefit if the insured executive dies, and a fund for theexecutive’s retirement benefit.

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Types of Insurance and Additional RidersBy attaching riders to a main policy, insurance coverage can be designed to meet the needs of each individualcustomer. (When a rider is added, there is a prescribed limit to the addition of riders according to age and thevariety of riders that can be added at any one time. Some riders may not be added depending on the ridersthat the policyholder has already attached and the method of payment for the main insurance policy to whichriders have been added.)

Please refer to the Guide to Types of Insurance or the Nippon Life website for information about types ofinsurance and rider additions.

Guide to Types of Insurance

■ Riders• Living Benefit Riders

Name of Rider Summary

Serious Disease Rider Rider providing coverage for three dread diseases, serious designated lifestyle diseases, transplants, and other conditions

Dread Disease Term Rider Rider providing coverage for three dread diseases: designated malignant neoplasm (cancers), acute myocardial infarction,and cerebral stroke

Recurrence Dread Disease Term Rider Rider providing coverage for recurrence of three dread diseases: designated malignant neoplasm (cancers), acute myocardial infarction, and cerebral stroke

Illness & Disability Term Rider Rider providing coverage for specified disability due to illness

Nursing Care Term Rider Rider providing coverage for specified conditions that require nursing, such as being bedridden

Insurance Premium Waiver Rider Rider that waives premium payments in one of the following situations: one of the three dread diseasesspecified disability due to sickness, or specified condition requiring nursing care

Living Needs Rider Rider providing full or partial benefit when the insured is determined to have six months or less to live

•Accident and Medical RidersName of Rider Summary

Accident Rider with Extra Premium Rider providing coverage for death/specified serious disability due to accident

New Injury Rider Rider providing coverage for death/specified disability due to accident

Limited Injury Rider Rider providing coverage for specified injuries (broken bones, joint dislocation, severed tendons) due to accident

New Hospitalization due to Accident Rider α Rider providing coverage for specified hospitalization due to injury that lasts five days or more

New Hospitalization Medical Rider α Rider providing coverage for specified surgery due to illness and injury and specified hospitalization due to illness that lasts five days or more

Short-term Hospitalization Rider α Rider providing coverage for hospitalization for one-night, two-days stays due to disease or injury

Hospitalization due to Cancer Rider Rider providing coverage for specified hospitalization, surgery and post-hospitalization care directly related to cancer

New Hospitalization due to Adult Disease Rider α Rider providing coverage for specified hospitalization five consecutive days or more and surgery directly related to specified adult diseases

Hospitalization Rider for Women α Rider providing coverage for hospitalization related to specified female disease that lasts five consecutive days or more

Hospital Visit Rider α Rider providing coverage for specified outpatient services after hospitalization that lasts five consecutive days or more

•Riders Focused on Death ProtectionName of Rider Summary

Term Insurance Rider Rider providing coverage for death/specified serious disability

Term Life with New Survival Benefit Rider Rider paying survival benefit every two or three years in addition to coverage for death/specified serious disability

Term Rider Annualized Payment Rider paying annuity for a set period for death/specified serious disability

Spouse Term Insurance Rider Rider providing coverage for death/specified serious disability of a spouse

Juvenile Term Insurance Rider Rider providing coverage for death/specified serious disability of a child

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FROM APPLICATION TO CONCLUSION OF A POLICY

I would like to know about procedures upon enrollment.Q2General procedures and information disclosure at the time of enrollment in an individual insurance policy aremainly as follows.

Tell us what kind of coverage you want.Examine the plans by referring to the prospectuses (policy guides) and productpamphlets.

Before proceeding with the application procedure, we ask for yourconfirmation.To prevent unfavorable outcomes for customers due to a lack of information, NipponLife has prepared a pamphlet entitled Especially Important Notifications. The pam-phlet contains explanations of items we would especially like customers to under-stand and confirm, such as product details, disclosure obligations, examples of whenclaims and benefits cannot be paid and other items.*Especially Important Notifications includes prospectuses (policy guides), reminders and other

materials.

Reconfirm that the content of the product you are applying for is whatyou actually want.Fill out the Plan Confirmation Document and reconfirm before applying that theproduct is what you really want. We ask that the policyholder or insured party fill outthe forms themselves and affix their personal seal to the application form. We alsoask for them to certify with their personal seals that they have received theEspecially Important Notifications and policy guides (see p. 27).

Upon completing the application, we ask customers to make their first premiumpayment.

Provide accurate information about your health, occupation and othersWhen the customer fills out the disclosure document withinformation about their medical history and current state ofhealth, or when verbally answering questions posed by adoctor during an examination, please provide accurate andcomplete answers.

Considering a Plan

Product pamphlet

Plan structure

Reminders

Policy guide policy clause

Plan ConfirmationDocument

Example of completed disclosure form

Explanation ofImportant Matters andDemerit Information

Application

Payment ofFirst

InsurancePremium

Disclosure

Policyholders and insured parties are required to disclose infor-mation regarding their health conditions. Please be aware that inthe event that facts are not disclosed or inaccurate information is

provided, whether intentionally or by gross negligence, the policyor rider may be cancelled on the grounds of nondisclosure andNippon Life may not pay benefits and claims.

Duty of Disclosure and Penalties for Nondisclosure

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Life insurance is a system wherein a large number of people, through insurance payments, mutuallysupport one another. In order to maintain fairness among policyholders, decisions about underwritingare made based upon the content of the application and disclosure forms.

Decisions aboutUnderwriting

(at Nippon Life)

Conclusion of a Policy

Commencement of Policy CoverageWhen a customer agrees to have Nippon Life underwrite their insurance policy, policy coveragecommences from the moment of the first premium payment or upon the completion of the dis-closure process.

Confirmation of Policy ContentNippon Life employees or parties entrusted by Nippon Life may phone or visit policyholders,the insured and beneficiaries in order to confirm the content of application forms, disclosureforms or content of requests for insurance claims and benefit payments. Regarding themedical condition of the insured, Nippon Life may also make inquiries and otherwise seek con-firmation through the doctor who examined the insured.

Insurance Certificate

Store insurance certificates in a safe place.Once the policy takes effect, Nippon Life sends insurance certificatesto the policyholder. Through these, we confirm that there are no dis-crepancies with the information provided on the application form.Because the insurance certificates are essential documents invarious filing processes, we ask customers to store them in a safeplace. Please keep certificate numbers somewhere within easy reach.

Cooling Off SystemUnder what’s known as the cooling off system, applicants and poli-cyholders may withdraw their applications or cancel their policiesby submitting a written request within 8 days from the later ofeither the application date or the date they received the receipt forfirst insurance premiums. In this case, written requests must bepostmarked within 8 days of the above-mentioned period and sentto the sales branch that handled the application or policy. The

amount that was paid shall then be returned in full.However, once an examination by a doctor designated by

Nippon Life has been performed or when the customer is a corpo-rate client, the cooling off period cannot be applied to policychanges after taking effect (an addition or increase of coverageamounts for riders, etc.) or to a reinstatement by the policy.

“Policy Guides” contain critical information about the policy andvarious procedures. As such, they are extremely important docu-ments that must be consulted not only during the applicationprocess, but during the term of the policy. The terms and condi-tions of the policy dictate the agreement from policy enrollment to

expiration and contain information about claims payments as wellas the processing of premium payments, and also explains aboutthe invalidation of the policy in the event of premium nonpaymentand the handling of policy cancellations.

Easy-to-Understand Terms and Conditions

Access “Easy-to-Understand Terms and Conditions” at our websitePlease take advantage of the “Easy-to-Understand Terms and Conditions” posted on the Nippon Lifewebsite (as of April 2, 2007).Features:1) Explanations provided for each clause 2) Employs illustrations and a Q&A format3) Comes with search function for custom queries. 4) Clearly demonstrates specific processing standards*Covers participating whole life insurance (H11) normal insurance terms and conditions (as of April 2, 2007).

After enrollment, keep “Policy Guides” within easy reach.

(Front) (back)

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PROVISION OF INFORMATION DURING THE TERM OF A POLICYIt has been quite a long time since I enrolled in my policy. Is there anyinformation available to remind me about the contents of my policy?Q3

The term of a life insurance policy is long. To ensure that claims and benefits are filed for without error, it isimportant to confirm the content of the policy during its term and that the the insured person and the benefi-ciary (or designated proxy, see p. 31), and not just the policyholder, understand the policy content. In thissection, we will tell you how to confirm policy content during the policy’s term.

■ Notices of Policy Terms and ConditionsOnce a year, we provide customers with easy to understand information regarding their existing insurancecoverage as well as financing and services available to them based on the policies in which they are enrolled.•For customers enrolled in a single policy, we send notices approximately one month after anniversary month

of the policy.•For customers enrolled in multiple policies, information is summarized in one notice and sent in the earliest

month after April following the month of initial policy enrollment. In each case, customers who enrolled in policies during April or May, such information is sent in July due

to dividend-related matters.

*Customers with “Nissay Insurance Accounts Card” can view all the details of their entire insurance policy at our website at “Special Policyholder Services (Policy Terms andConditions Inquiry)” (See p. 29.)

Address and list of policies taken outStructure of the Nissay Insurance

Accounts, fund informationPolicy information (Example: Whole life

insurance with term insurance rider) Policy information (Example: Annuity)

1

2

3 3

44

2 2

1

2

3

4

For customers enrolled in multiple policies, information is summarized in one notice

Notices created for each single policy

Anniversary Month of the PolicyAfter enrollment in a policy and during thepolicy’s term, anniversary month of thepolicy thereafter marks the day of initialpolicy enrollment.

Lists the life and non-life insurance policies taken out.

Notification of various financing services that are available tocustomers (amount of accumulated dividends, deferredinsurance amount, policy loan limits, etc.). Shows the amountand interest rate in the event that policy loans or insurancepremiums are reimbursed.

Explains policy content including coverage periods and cov-erage amounts with easy-to-understand diagrams.

Shows existing policy and coverage content.

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■ Information Regarding “Consistent protection. Superior services.”Policies that the customer is enrolled in are presented in an easy-to-understand format using color-codeddiagrams. Customers can also confirm the amount of funds available, including surrender benefits and policyloan limits, as of that date. Customers with inquiries can contact their Nissay Total Partners representative orthe call center.

Comparative Prospectus

Information on “Consistent Protection. Superior Services.”

•Coverage amount: The amount of claims and benefits thathave been paid up to that point

•Coverage/Renewal period: How long you are covered for•Coverage content: What are you covered for•Insurance premium: How much has been paid and how much

needs to be paid after policy renewal•Riders that are available free of charge, introduction to pro-

cedures and their use

■ Other Important NoticesIn addition to the above, Nippon Life provides a variety of notices including Certification of Life InsurancePremium Deduction, Notice of Change in Discount based on transaction and others. Each of these are impor-tant notices, so we kindly request that our customers carefully confirm the content.

Provision of Information upon Conversion of PoliciesWhen a customer is considering a policy conversion, Nippon Life explains how to review policy coverage, pro-viding handouts and other materials as well as comparative prospectuses that describe policies before andafter conversion. Through these and other materials, we make every effort to enhance the customer’s under-standing of important points concerning policy conversion. We ask that you take out a policy only after youhave fully understood its content, terms and conditions.

Confirmation of Policy Content via InternetCustomers can conduct a variety of procedures on the Nippon Life website, such as confirmingtheir policy content, changing their addresses, and conducting financial transactions, includingpolicy loans.

We are expanding the number of procedures that may be easily completed over the Internetoutside of the regular business hours of Nissay Total Partners, service counters and call centers.

Procedures•Inquiries regarding content of life insurance and non-life insur-

ance policies•Change of address or telephone number•Change in name (some procedures for family name, etc.)•Change of premium payment method (number of payments)

•Requests to change accounts through which premium transfersare made

•Reissue of Certification of Life Insurance Premium Deduction•Registration or change of PIN number for Nissay Insurance

Accounts, etc.

Internet ATM•Payments and withdrawals for policy loans, accumulated divi-

dends and deferred insurance payments•Repayment of policy loans

•Payment of premium after the initial premium,* etc.*Some procedures can be carried out using the Internet via mobile phones.

(p. 39)

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SUBMITTING INSURANCE CLAIMS AND BENEFITS

In the event of hospitalization, surgery, or other unforeseen circumstances that may warrant the payment ofinsurance claims or benefits, the first thing to do is contact us either through your representative Nissay TotalPartner or by visiting a nearby service counter or telephoning one of our call centers.

To prepare for the unexpected, please confirm the terms of your policy and make sure that the insuredperson and the beneficiary (or designated proxy) also understand the details of the policy. (See p.28-29).

In the event that you wish to submit claims for payment against more than one policy or rider, you mustsubmit a separate claim for each policy and rider. The documents required vary according to the nature of thepayment request. Therefore, please confirm that you are providing the correct forms in advance of submittingyour claim.

What if you have already entered a hospital or had surgery?Q4The insured person (or designated proxy) should personally file any claim for hospitalization or surgery bene-fits. In the event of the death of the insured, his or her lawful heir(s) should submit the payment request.However, in the event that said heir(s) is (are) unable to submit a payment request of their own volition, adesignated proxy may submit the claim.

Items that must be communicated:•Insurance certificate number (all certificate numbers in the case of multiple policies)•Name of policyholder •Name of insured•Information regarding the hospitalization, surgery or outpatient circumstances

*Name of person who was hospitalized, underwent surgery or received outpatient services*Reason for claim (Illness, traffic accident, other accident)*Content of claim (hospitalization, surgery, outpatient services, etc.)*Date of hospitalization and discharge*Confirmation of outpatient services following discharge (in the event that a claim is being made for outpatient benefits)*Date of injury (in the event that a claim is being made for hospitalization due to accident benefits)

A relative passed away. What should I do?Q5The beneficiary himself or herself should file a mortality insurance claim.

Items that must be communicated:•Insurance certificate number (all certificate numbers in the case of multiple policies)•Name of deceased (insured person)•Date and cause of death (name of illness in the event of death due to illness, circumstances of accident in the event of

death due to accident)•Name of beneficiary of mortality insurance claim, name of person filing the claim (relationship to the insured, contact

information)•Possession or non-possession of insurance certificate•Whether hospitalized and/or had surgery before death

Nippon Life has produced a booklet explaining the procedures forrequesting insurance claims and benefits. Customers may requestcopies of the booklet from their representative Nissay Total

Partner or from their local service counter. The booklet may alsobe viewed on our website under the section “To our Policyholders”(Japanese language only, to be updated in August 2007).

Booklet: Receiving Payment of Insurance Claims and Benefits

•Contains explanations regarding insurance claims andbenefits, payment request procedures and examples ofcircumstances in which payments may or may not bereceived

•Highlights the importance of proper disclosure of healthconditions when first applying for a policy and explains thehandling of cases in which Nippon Life determines thatnondisclosure has occurred

•Details other terms and conditions that may be used asgrounds for the cancellation of a policy, as well as othercircumstances in which insurance claims and benefits maynot be received

•Lists references and contact information to aid in paymentrequest procedures and payment receipt applications

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Hospitalization benefits are generally to be applied for by theinsured person. However, in the event that the insured person isunable to request payment of his/her own volition, or in the eventof circumstances designated by policy clauses, a designated proxymay request the payment of such benefits on behalf of the insured.Designating a proxy entails the completion of certain proceduresin advance. Policyholders and insured persons are asked to reach

agreement and to appoint their designated proxy. Insurance premi-ums will not change as a result.

To complete the procedures, please bring a copy of your insur-ance certificate and your officially registered personal seal to yourrepresentative Nissay Total Partner or local service counter.(Service not applicable to corporate policies)

Have you completed the procedure for designating a proxy?

•Spouse, direct descendent or sibling* listed on the family register of the insured person in the main policy•Relatives within the third degree of kinship who reside with or who are listed as dependents of the insured person on the main policy

As of April 2, 2007, siblings who have already been appointed as the “designatedproxy” for the insured person may act in that capacity and request payment forpredefined hospitalization benefits, even in cases where the designated sibling

does not reside together with the insured person or is not a dependent of theinsured person.

*Notice in accordance with expansion of the scope of people who may be appointed as a designated proxy

I was told that my insurance claim was ineligible for payment. Whatshould I do?Q6

Establishment of a Cancellation Complaint Call Center and asystem to deliberate on customer requests (consultation withthird-party lawyers) for filing objections related to the payment ofinsurance claims and benefitsOn October 25, 2006, Nippon Life established a Cancellation Complaint Call Center for handling objectionsrelated to the payment of mortality insurance claims and hospitalization, surgery and other benefits. For cus-tomers who desire to consult with a third party, we have also established a system to deliberate on customerrequests whereby we introduce these customers to lawyers outside of the Company (lawyers with whomNippon Life has not concluded advisory agreements) for free consultations.

Claims-Related Services ReviewSessionWhen a customer files an objectionregarding the nonpayment of insuranceclaims or benefits, the Claims-RelatedServices Review Session serves as an advi-sory body, reviewing the appropriatenessof payment and making recommendationsto payment divisions based on its findings.Two lawyers from outside the Company(besides the lawyers who advices cus-tomers via the system to deliberate oncustomer requests) are appointed aschair and vice-chair of this committee,which meets every month. (Established inJune 2006).

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To provide the proper payment to claims and benefits and to gain the trust of customers, Nippon Life makesevery effort to ensure the fair and appropriate assessment of policy underwriting and insurance claims andbenefit settlements.

■ Assessment of Policy UnderwritingAssessment is based upon the health of the insured person. In some cases, Nippon Life secures the agree-ment of the applicant regarding particular conditions (higher premiums, lower coverage, exclusion of certainareas of the body from coverage, etc.) and underwrites policies under terms and conditions different fromthose in the original application. In some cases, Nippon Life refuses to underwrite policies.

■ Assessment of Insurance Claims and Benefit SettlementsAssessment is made based upon documents submitted at the time of the claim. Payment may be refuseddepending on the findings of the assessment. (Please see the table “Reasons for Denial of Payments” on p. 33 for further details).

In light of requirements for the appropriate assessment of various medical and moral risks, Nippon Life isstepping up its training of assessment specialists and strengthening administrative systems. As demonstratedby the rising demand for living benefit products in recent years, the range of insurance products on themarket is increasingly diverse, and Nippon Life will work to ensure that customers are sufficiently informedabout products and payment conditions.

Enhancing the Training of Assessment SpecialistsSince fiscal 2003, Nippon Life has been constructing a structured training system for cultivating assessmentspecialists responsible for policy underwriting and benefit payment assessment, both essential areas of thelife insurance business. We are conducting in-house examinations and providing training in essential medicaland legal knowledge. We also launched the Personnel Training Project in October 2006 through which we areimproving the educational curriculum and in-house certification systems.

Upgrading Administrative SystemsNippon Life started up its First Underwriting System in September 2006, enabling the centralization and stan-dardization of assessment data previously done by hand, as well as the effective management of administrativeprocedures. Aiming to further improve administrative quality, we are proceeding with the development of aNext-Generation Underwriting System. Moreover, we established the Administrative DevelopmentHeadquarters, which is headed by the president, in October 2006. With the goal of providing customer-oriented insurance services, the new department engages in focused deliberations on ways to reinforceadministrative systems and service management systems.

Improving Explanations to CustomersIn October 2006, we set up a hot line that handles grievances regarding the payment of insurance claims andbenefits. For customers who desire to consult a third party, we set up a system to deliberate on customerrequests whereby we introduce such customers to lawyers from outside of the Company (lawyers with whomNippon Life has not concluded advisory agreements) with whom they can have free consultations. (See p. 31.)

Furthermore, we published a booklet entitled Receiving Payment of Insurance Claims and Benefits inNovember 2006 that describes issues related to the payment of claims and benefits and reflecting our effortsto improve explanations to customers. (See p. 30.)

Strengthening Medical ResearchNippon Life established the Medical Information Department in fiscal 2005 with the aim of enhancing researchin the increasingly important fields of medical and nursing care. Based upon previously compiled data and thelatest transformations in the medical field, we work to develop new products suited to customer needs and toreview our underwriting standards.

STRENGTHENING THE UNDERWRITING AND INSURANCE CLAIMS AND What is the system for the regular payment of insurance claims andbenefits?Q7

Living Needs Benefits ProductsPays claims and benefits to the survivinginsured party when a specific disease hasbeen contracted.

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Payment of Insurance Benefits and ClaimsLife insurance is a system whereby a large number of people participate in mutual support through insurancecoverage in the event of sickness, injury or other unforeseen circumstance.

During fiscal 2006, Nippon Life made 81,210 payments of insurance claims, and 611,894 payments of otherbenefits.

In contrast, as a result of appropriate claim and benefit settlement assessment efforts, we determinedthat the payment of insurance claims should not be made in 2,977 cases, and that payment of other benefitsshould not be made in 8,536 cases. *These results are also posted on our website.

Number of Policies Paid on and Amount of Payments (Fiscal 2006)(Unit: Millions of Yen, Number of cases)

Insurance Claims Other Benefits

Number of payments 81,210 611,894

Amount of payments ¥689,701 ¥119,648

Notes:1. The above represent the total for individual and group insurance policies upon which claims were filed.2. Figures do not include policies that require no payment assessment such as maturity benefits, survival benefits, single payments, annuities and other benefits.3. Regarding payments for group insurance underwritten by multiple companies, the figures include policies for which Nippon Life is the lead underwriter.

Number of Cases for Which It was Determined That No Payment was Warranted (Fiscal 2006)(Unit: Number of cases)

Reasons for Denial of Payment Insurance Claims Other Benefits

Cases of fraud 0 0

Benefit claim for illegal objectives 0 0

Cancellation of policies due to nondisclosure 212 815

Cancellation due to serious matters 0 7

Categorized as an exemption 447 236

Not categorized as a reason for payment 2,318 7,478

Total 2,977 8,536

Notes:1. The above represent the total for individual and group insurance policies upon which claims were filed.2. Regarding payment for corporate insurance underwritten by multiple companies, the figures include policies for which Nippon Life is the lead underwriter.

Explanation of Terms

Content

Cases of fraud Policies are rendered invalid in the event that fraudulent actions were taken by the policyholder or by the insuredat the time when the policy was taken out. In such cases, premiums that have already been paid shall not bereturned.

Benefit claim for illegal objectives If a customer enrolls in an insurance policy with the intention of illegally gaining insurance benefits, said insurancepolicy could be invalidated. In such case, insurance premiums already paid shall not be returned.

Cancellation of policies due to Policies may be cancelled in the event that the policyholder or the insured neglected to disclose importantnondisclosure information that should have been disclosed, or disclosed false information at the time when the policy was taken

out, whether intentionally or by gross negligence. In such cases, surrender benefits shall be returned to thepolicyholder.

Cancellation due to serious Policies shall be cancelled in the event that accidents are caused intentionally for the purpose of fraudulently matters obtaining insurance claims, or in the event of fraudulent acts, such as the falsification of diagnosis forms to

support a request of payment. In such cases, surrender benefits shall be returned to the policyholder.

Categorized as an exemption Nippon Life may determine that the content of a claim falls in the category of an exemption under the terms andconditions of the policy.Examples: •A claim for death benefits following a suicide by the insured during the prescribed non-payment period.•A claim for benefits following an accident caused intentionally by the policyholder or beneficiary or following anaccident caused by the insured’s criminal activities.

Not categorized as a reason for Nippon Life may determine that a claim does not qualify as a reason for payment under the terms andpayment conditions of the policy.

Examples: •A claim for hospitalization benefits after a hospitalization of less than five days, while the terms of the policyattach a rider for hospitalization benefits in the event that hospitalization is for a period of five days or more

•A claim for surgical benefits following the removal of the tonsils, which does not fall into the category ofprocedures eligible for coverage

BENEFIT SETTLEMENT SYSTEM AND EXPANDED EXPLANATION

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Nippon Life is continually developing a variety of service channels to match customer needs. There are per-sonnel readily available to consult with customers on a range of issues. Inquiries about insurance may bedirected to Nissay Total Partners (sales representatives) or by contacting an agency.

Our representatives provide consultation and help to customers for everything from finding products thatmatch their lifestyle needs to policy enrollment and amendment procedures and how to file for insuranceclaims and benefits. Nippon Life is always ready to offer customers any assistance needed.

Life Plazas and branch service counters provide consulting services. In addition to consulting on a rangeof procedures, our Life Plazas present regular seminars regarding public pensions, post-retirement assetinvestment, tax services, inheritance and other topics. We offer a range of highly specialized consulting ser-vices to match customer needs. Our trained operator will be waiting to assist you at our call center.

We are also expanding services available via the Internet, providing information about Nippon Life and ourproducts. Through this service, customers may request materials as well as access information regardingtheir policies, take out loans and withdraw accumulated dividends. We hope you will make full use of ourAutomatic Phone Services and ATMs.

We will continue to expand our network of sales representatives to cover customers throughout Japan,while working to create new service channels in response to diversifying customer needs.

We invite you to contact your nearest Nippon Life sales representative.

INSURANCE CONSULTATION AND INQUIRIESWhat do I do when I don’t understand something about insurance orotherwise have trouble?Q8

Providing more precise consulting services by promoting links with Nissay Total Partners

Nissay Total Partners (Sales representatives) p. 35

Agencies p. 36

Life Plazas, Branch service counters p. 37

Procedures, consulting, etc.

Requesting materials, procedures, consulting, requests for visits from sales representatives, etc.

Call center p. 39

Providing information, requesting materials, procedures, inquiries about policy terms and conditions, etc.

Internet p. 39

Cu

sto

mer

Ordinary procedures/request for visit/consultations/other requests

Execute procedures independently/consultation/other requests(Participation in seminars)

Execute procedures independently/consultation/other requests

Execute procedures independently/collect information

Execute procedures independently Take out policy loans, withdrawing accumulated dividends, etc.

Automatic Phone Services & ATMs p. 39

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Mobile Terminals for Consulting (Duo)

Training

Nissay Total PartnersNippon Life sales representatives arereferred to as Nissay Total Partners. Thistitle embodies the concept of total serviceand total support for customers and theirfamilies

Financial Planner (FP)A financial planner is a specialist that ana-lyzes a customer’s situation, includinginsurance, assets, liabilities, compositionof income and expenditures, and numberof family members. When necessary, he orshe seeks the support of attorneys, taxaccountants, and various other specialistsin such fields as insurance and real estate.Based on the analysis, the financialplanner helps the customer create andimplement a comprehensive plan, includ-ing tax strategies, insurance plans, invest-ment strategies, and savings plans toenable the customer to reach their life-plan goals.

Who are the Nissay Total Partners?Q9

Nissay Total Partners (Sales Representatives)Nippon Life has a network of approximately 49,000 Nissay Total Partners (sales representatives) at 110 nation-wide branches and 1,656 offices that serves 50 million households and 100,000 offices. Through this network,Nippon Life is able to respond to the needs to each and every one of its customers throughout Japan.

Nissay Total Partners seeks to visit every customer at least once a year to help them with a variety ofpolicy-related procedures and provide them with the information they need.

We are also striving to enhance the abilities of personnel in order to provide precisely tailored consultingservices. We encourage our Nissay Total Partners to obtain national certifications from the Ministry of Health,Labour and Welfare as financial planners as well as Japan Association of Financial Planners certification (AFPcertification). These certifications require in-depth knowledge of not only life insurance, but also financialproducts, real estate, taxation and inheritance. The number of Nissay Total Partners that had obtained certifi-cation as of April 2007 was 9,150, the largest number in the industry.

Furthermore, we have equipped all Nissay Total Partners with Duo mobile consulting terminals thatfeature precise sales support and consulting functions, making full use of our expanding IT infrastructure aswe develop a system to enable Nissay Total Partners to respond to customer expectations on the spot.

Education of the Nissay Total PartnersThrough personal one-on-one consulting, Nissay Total Partners work to assist customers regarding all of theirinsurance needs, from recommending and reviewing insurance plans to the payment of insurance claims andbenefits. Nippon Life places a special emphasis on in-depth training in after-sales service.

Strengthening Our Training of Human Resources That are Integratedwith Sales Offices, Branches and Headquarters•Sales offices: Model employees are given responsibility for the education of employees who have

been with Nippon Life for less than two years and work together with the general managers of salesoffices to lead basic insurance knowledge training, role-playing activities and compliance educationprograms.

•Branches: Personnel specialized in education work at the Training Center. In addition to productknowledge and practical training in sales and payment administration, they accompany trainees oncustomer visits and provide support to employees responsible for the education of new employees.

•Headquarters: Intensive training is given to regular employees in advanced consulting techniques, andleadership training is conducted in areas such as coaching of employees responsible for education.

Total service (non-life insurance) education

All-employee general knowledge/information education (watching NICE-NET programs • learning material • role playing)

Education utilizing internal satellite broadcast system (NICE-NET)

First year

Advanced consulting training

Second year Third year and thereafter

Course to preparefor advanced

certification course

Industry-wide test preparation courses

Sales education and training for assigned areas

Basic sales training

•Customer service training•Sales activity training in local areas/worksites •Education for payment-related matters•Knowledge acquisition —Public pension system —Public medical insurance system —Competitors’ products —Securities assessment

Pre-

test

tra

inin

g (

gen

eral

co

urs

e)

Join company

•Business manners•Life insurance basic information•Nissay insurance product information•Basic knowledge of payment-related matters•Compliance•Practical sales training (role playing)

Basic education necessary for insurance sales and after-sales service Gain knowledge of

specific fields including AFP/taxes/nonlife

insurance education

Education and Training Curriculum for Fiscal 2007

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Nissay Agency SystemThe number of agencies handling lifeinsurance has grown rapidly following revi-sions to the Insurance Business Law in1996 that allowed agencies to handle bothlife and non-life insurance. In addition,with the introduction of a system of inde-pendent life insurance agencies, whichformerly acted as exclusive agents ofsingle insurance companies, we areendeavoring to increase customer conve-nience by making it possible for cus-tomers to get information on various lifeinsurance companies’ products from asingle agency. Accordingly, we opened theNissay Agency System in fiscal 1996.

A-Net (Nissay Agency Net)This is an Internet-based system thatmakes it possible for agencies to createthe most appropriate proposals based oncustomer needs by accessing the NissayAgency website.

In addition to the function for creatingproposals, there are various referencemenus that are useful for agencies.

AgenciesForming agency consignment agreements, we have developed a network of 7,282 agencies, (a year-on-yearincrease of 357 agencies) centered on tax accountants; professional life and non-life insurance sales agen-cies; and major financial institutions and their related agencies throughout Japan as of March 31, 2007.

Agencies consult on such topics as business transfers, executive retirement benefits and succession,mainly for sole proprietorships.

In addition to this, in autumn 2002, we began to offer individual variable annuities at the service countersof financial institutions, making it possible for customers to receive advice related to various products andservices, including asset formation and retirement coverage, at the service counters of local financialinstitutions.

Aiming to respond to a wider range of customer needs, we are making an effort to expand our salessupport system for agencies and strengthen their compliance system by offering numerous types of educa-tional materials and programs, utilizing the Internet, and posting over 460 agency personnel at 81 locationsthroughout Japan.

What are agencies?Q10

STEP 4FP training(Executive retirement benefits, treasury stock, inheritance tax law, lifetime transfer of wealth, etc.)

STEP 3Monthly training

STEP 2Industrywide training(Training before and after registration)

STEP 1Orientation(Explanation of the content of the agency’s business)

• Agency business overview• Nippon Life overview

• Product training• Policy sales practical training• Compliance training

• FP basics• Compliance training

• Hold agency training

Agency Education Program

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Is it true that I can enroll in insurance at the bank or credit union?Q11

Life Insurance Sales at the Service Counters of FinancialInstitutionsThrough an agency agreement forged with banks, credit unions and other financial institutions, NipponLife sells individual annuities, such as the My Dream Plus, and single-payment whole life insurance, suchas Long Dream, through the service counters of these institutions.

Once you have enrolled in a policy, you are able to access us through the dedicated call centers ofthe participating financial institutions’ product sales counters. Call centers enable us to provide suchafter-sales service as handling customer inquiries about policy content and account status and process-ing insurance claims and benefits.

In addition, we can provide a wide array of other in-depth services for customers. Nippon Life isworking hard to improve the education and training of insurance sales-related personnel at these institu-tions as well as to strengthen their compliance systems.

Products Sold at Financial Institution Service Counters and Financial Institutions Handling these Products (as of April 2, 2007)

Number ofType of product Product Name Financial Institutions

Handling Products

Variable amount annuitiesDream Select variable amount annuities (standard type), etc 24

Dream Select (balanced type), etc 108

Fixed amount annuities My Dream fixed amount annuities 139

Single-payment whole life insurance Long Dream single-payment whole life insurance, etc 102

Are there consultation counters at Nippon Life?Q12

Customer Service CountersWe have established customer service counters, which handle all insurance-related procedures, provide con-sultations and respond to a wide-range of customer requests, in 89 locations throughout Japan. Approximately760,000 customers visit these counters annually.

As they constitute the face of Nippon Life, these counters aim to provide reliable service in order to gaincustomer trust. Toward that end, we are working to enhance the consulting ability of representatives, provid-ing training and testing to expand their financial planning knowledge and to foster the receptiveness neededto offer quality service. In the years ahead, we will continue to provide useful information to customers andmeticulously meet their individual needs.

Nissay Life Plaza

Consulting

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■ Nissay Life PlazasThere are Nissay Life Plazas in 48 locations throughout Japan. These customer service counters meet a widerange of advanced customer needs, including consulting related to taxation, asset investment, medical insur-ance, nursing care insurance and investment-type annuities, while handling insurance related procedures andproviding insurance-related advice.

In addition, Nissay Life Plazas hold free seminars on various topics, provide tax accounting advice (insome locations), and, if desired by the customer, a staff member will visit a customer at home or anotherplace for consulting, in addition to providing various other services. (Some locations provide services onSaturdays.)

■ Branch Service CountersBranch service counters have been established at 41 locations throughout Japan. These customer servicecounters provide services especially geared toward their particular regions while meeting immediate cus-tomer needs, such as handling insurance-related procedures, consulting, explaining policy content andassessing coverage.

Life Plazas Around Osaka

Head office

Umeda

Tennouji

Keihan

Fuse

Ikeda

Sakai

Kumamoto

Sapporo

Sendai

Mito

NaganoToyama

Utsunomiya

Gunma

HamamatsuKariya Shizuoka

GifuKyoto

Nara

KobeNagoya

Nagoya-ekimae

OkayamaHiroshima Numazu

Kitakyushu

Fukuoka

Kagoshima

Tokushima

Life Plazas Around Tokyo

Yokohama

Shonan

KawasakiShinagawa

Kashiwa

Chiba

Funabashi

Machida

Omiya

Marunouchi

Kawagoe

Tachikawa

Kichijoji Ueno

Shinjuku

Shibuya

Ikebukuro

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What kind of procedures could be completed over the phone or byInternet?Q13

Nissay Call Center

Telephone■ Nissay Call CenterWe are working to have specialist operators, who answer calls from customers throughout Japan, handle allrequests, such as changing addresses and PIN numbers, and filing for insurance claims and benefits in asimple, convenient and efficient manner.

■ Automatic Phone ServicesCustomers with Nissay Insurance Accounts can make use of this service to change PIN numbers, take outloans against their policy and withdraw accumulated dividends through an automated voice directory.

InternetCustomers with Nissay Insurance Accounts may confirm policy content, conduct such transactions as policyloans and complete procedures, including address and telephone number changes via the Internet.(See pp. 29 and 39 for details.)

Customers who are considering enrolling in a new policy may request materials and receive estimates andconsulting via the Internet. In addition to viewing introductions to products and policy guides, customers mayexamine insurance options that suit their particular needs and are provided with the information they need,including reliable estimates of the amount, they may need at times of sickness, injury or worst-case scenarios.

ATMCustomers possessing a Nissay Insurance Accounts Card may use them at any one of our 51,000 ATMsnationwide.

Compensation for Damages as a Result of theFalsification or the Theft of a NissayInsurance Accounts CardThe Nissay Insurance Accounts system was upgraded on December29, 2005. As with banks and other financial institutions that aresubject to the Depositor Protection Law (enacted on February 10,2006), compensation for all or a portion of damages incurred isnow available for specified cases. (See the Nippon Life website formore details.)

Efforts to Strengthen Card SecurityIn order to prevent damage to customers resulting from the illegaluse of cards, Nippon Life is making vigorous efforts to improvecard security.•Service is stopped in the event that a customer registers an easily

inferred PIN numbers such as their birthday or telephonenumber.

•Service is stopped in the event that an ATM is not used for aperiod of 10 years.

•Customers are sent notifications by post after withdrawals aremade.

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About the Nippon Life Solicitation Policy

Nippon Life Solicitation PolicyWe sell insurance and other financial products in compliance with all laws, including the Insurance Business Law, Sales of FinancialProducts Law and the Consumer Contracts Law. The following is the policy under which sales are conducted and was created with theidea that customers come first.

Always taking a customer-first perspective, Nippon Life believes thatthe provision of insurance is an important function and so works tofind creative ways of explaining insurance to customers so that they

fully understand our products. The Nippon Life Solicitation Policysets forth the Company’s approach to the sales of insurance andother financial products.

Educating Nissay Total Partners (Sales Representatives) and Reinforcing PrinciplesTo be able to provide product proposals that are attuned to the needs of our customers, training programs are con-ducted as part of our sales division’s daily morning assemblies as well as on other occasions, equipping sales repre-sentatives with the knowledge and skills they need as Nissay Total Partners.

Nippon Life considers it very important that customers enroll in policies only after they have understood thecontent of the policy. Sales representatives thoroughly confirm the needs of customers by taking time to explain keypoints and through the use of plan confirmation documents. (See p. 26)

These procedures are thoroughly reinforced through education and training in compliance, customer etiquetteand practical hands-on training in life and non-life insurance. Specifically, employees participate in training programsbroadcast by satellite and take routine quizzes that test their comprehension.

Management at headquarters and regular internal audits confirm training progress and ensure full implementation.Compliance text

I am hesitant to enroll in life insurance products because I thinkthey are complicated.Q14

Taking into account customers’ knowledge of insurance and otherfinancial products, their purposes for purchasing the policies, theirfamilies and their assets, we make an effort to have customerschoose the most appropriate insurance and other financial productswhile explaining products from their own standpoints of the cus-tomer. In particular, for products such as variable life insurance andinvestment trusts that entail market risk, we recommend productsconsidered most appropriate for the customer’s age, knowledge andinvestment experience while giving appropriate explanations regard-ing products and their risks.

We are striving to eliminate moral risk in order to treat all policy-holders impartially, to operate a morally sound insurance system, andto always conduct consultative sales so customers can choose theappropriate product that corresponds to their situation and desireswhile taking into account the protection of customer privacy.Furthermore, when explaining insurance and financial products

over the phone or during visits, we strive to take into considerationvarious factors, including the time and place, from a customerperspective.

We are also working to create ingenious ways of explaining our prod-ucts so that customers truly understand when we explain insuranceand other financial products.

Moreover, we are doing everything that we can ensure that our solici-tation activities are appropriate by educating, managing and instruct-ing all employees and executives through a systematic trainingprogram that includes compliance-related training.

We are constantly gathering a wide range of opinions and suggestionsfrom customers that we are acting on in order to increase customersatisfaction.

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Efforts Related to Personal Information ProtectionNippon life is entrusted with personal information related to approx-imately 10 million individual insurance policies, as well as informa-tion related to customers’ health conditions. Customer informationis the foundation of insurance policy transactions, and, therefore,Nippon Life protects these information assets carefully, recognizingthat the handling of this information is an extremely important issue.

Nippon Life has also established Personal Information ProtectionPolicies for the protection of customers’ personal information. Atthe same time, we are working to improve our information securityinfrastructure and to ensure the full protection of personal informa-tion through employee training on this subject and other measures.

1. Information CollectionThe collection of a customer’s personal information is necessary in orderto conduct business, underwrite various insurance policies, conduct con-tinuation and maintenance management, and handle such payments asinsurance payments and benefits.2. Types of Information CollectedWe collect the information necessary to the conduct of business, under-write various insurance policies, conduct continuation and maintenancemanagement, and handle payments such as insurance payments and ben-efits. This information primarily includes a customer’s address, name,date of birth, state of health and occupation. Furthermore, for othertypes of products and services we offer, customers provide additionalinformation necessary to conduct business.3. Information Collection MethodWe collect customer information using appropriate and impartialmethods. The information is mainly collected through policy applications,contracts and surveys. Furthermore, there are times when information isgathered over the Internet and through postcards surveys/mailings whenconducting various activities including campaigns.4. Purpose of Using a Customer’s Personal InformationA customer’s information is used in the following: (1) Underwriting various insurance policies, conducting continuation and

maintenance management, and handling various types of payments,such as insurance payments and benefits

(2) Explaining and providing various products including those of relatedand affiliated companies and conducting policy maintenance

(3) Providing information concerning our business, managing our opera-tions, and expanding our lineup of products and services

(4) Other insurance-related business These uses are given in our Personal Information Protection Policy, whichis available through our website Disclosure Report and elsewhere.Furthermore, when personal information is collected directly from cus-tomers, the use to which it will be put is clearly explained to the cus-tomer at that time.5. Information ManagementIn order to guarantee that a customer’s personal information is up todate and correct, we take the appropriate steps necessary to conductbusiness. Furthermore, we implement measures deemed necessary andappropriate for the safe management of a customer’s personal informa-tion in order to prevent its inappropriate access, leakage, loss or destruc-tion.6. Provision of Information(1) As a general rule, we do not provide a customer’s personal informa-

tion to third parties without receiving consent from the customer.This includes the following situations:

1) Providing customer information to Nippon Life Group companies,including Nissay Dowa General Insurance, in order to provide servicesrelated to Nissay Insurance Accounts.

2) Providing customer information to Nippon Life related and affiliatedcompanies in order to explain and provide various products and ser-vices.

(2) However, in the following situations, we will provide customer infor-mation to third parties without customer consent.1) When the provision of a customer’s personal information to a third

party without customer consent is permitted by Article 23, Clause 1 ofthe Law Related to Personal Information Protection (PersonalInformation Protection Law) or other laws and regulations

2) When the provision of information to firms that Nippon Life hasoutsourced work to is necessary to the Company’s continued busi-ness

3) When sharing a customer’s personal information as stipulated bythe Personal Information Protection Law

4) Other cases where the Personal Information Protection Lawpermits provision of a customer’s personal information withoutcustomer consent

7. Disclosure, Revision, Suspension of Use and Erasure ofInformation

When customers request that their personal information be disclosed,revised, not used or erased, the appropriate action will be taken afterconfirming the customer’s identity provided there is no special reasonnot to.8. Compliance with Related LawsRegarding customers’ personal information, we conduct business in amanner that adheres to all aspects of the Personal InformationProtection Law, all other related laws, regulations and guidelines, and theLife Insurance Association of Japan’s guidelines on handling personalinformation for the insurance industry.9. Establishment of and Improvements to the Compliance

ProgramIn order to guarantee that a customer’s personal information is beinghandled appropriately, a compliance program was established that all ouremployees, the firms to which we have outsourced work and otherrelated parties have been made thoroughly aware of, and we conduct nec-essary and appropriate supervision.Furthermore, we review and revise the policy and compliance programwhen necessary.10. Customer Requests Regarding Personal InformationCustomer requests regarding the handling of their personal informationare received at the personal information counter and processed in anappropriate and efficient manner.

Personal Information Protection Policy (Handling a Customer’s Personal Information)March 17, 2005-Nippon Life Insurance Company

We have established policies regarding the handling of personalinformation and are working to properly protect, use and managecustomer information in order to be a company that customers

can trust. In order to appropriately protect personal information,we continue to maintain and improve this policy.

Will my personal information be safe?Q15

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TO CORPORATE MANAGERS

• General Welfare Group Term Life Insurance

• Group Term Life Insurance (Optional Group Insurance)

• Group Disability Income Insurance

• Plan for executive/employee self-reliant aid

• Asset formation promotion plan

• Plan for retirement funds payable on employee’s death and

condolence payments

• Non-statutory workers’ accident compensation plan

• Plan providing pensions for surviving family/children

Prov

isio

n fo

r ex

ecut

ives

and

em

ploy

ees

Prov

isio

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ners

Company and Organization Benefit Systems Products that Meet the Needs of Company and Organization Benefit Systems

• Disability coverage planDisability coverage

Survivor coverage

• Group Credit Life Insurance

• Asset formation promotion plan

• Home loan plan

Preparation for buying one’s own house

Ass

et f

orm

atio

n

• Medical Life Insurance (Group Type)

• Group Term Life Insurance (Medical Rider)

• Dread Disease Term Insurance (Group Type)

• Medical Insurance (Non-participating H14) (New

Organization Rider) (Nissay Non-Participating Medical Life

Insurance)

• Medical Life Insurance (Group Type)

• Plan for executive/employee self-reliant aid

• Medical coverage plan

Medical coverage

• Defined Contribution Pension Plans• Defined contribution pension system

• New Insured Pension Plans• Tax-qualified pension system

• Employees’ Pension Fund Insurance• Employees’ pension fund insurance system

• Defined Benefit Corporation Pension Plans• Defined benefit corporation pension system

• Nissay Key Man Insurance*

• Plan for retirement

allowance and

old-age pensions

• Single retirement

allowance system

• Insured Contributory Pension Plans Happy Life• Plan for executive/employee self-reliant aid

• Executive retirement allowance plan

Retirement coverage

Retirement coverage

Survivor coverage

Retirement coverage

• Workers’ Asset-Formation Benefits Savings Insurance

(Nissay Workers’ Asset-Formation Benefits Savings Insurance)

• Workers’ Asset-Formation Funding Insurance

(Nissay Workers’ Asset-Formation Fund Savings Insurance)

• Asset formation incentive plan

• Asset formation promotion plan

Various life plans

• Plan for retirement funds, death coverage and condolence

payments for executives

• Asset Formation Pension Fund Insurance

(Nissay Savings-Type Asset-Formation Pension Plans)

• Workers’ Asset-Formation Housing Funding Insurance

(Nissay Asset Formation Housing Plans)

• Workers’ Asset-Formation Savings Insurance

(Nissay Asset Formation Savings Plans)

The policies that have been explained so far fall into the category of individual insurance. The following typesof insurance plans are available to companies and organizations. Nippon Life offers a broad range of productsand consulting services to match the needs of corporate managers who are working to enhance benefit plansfor their employees.

Nippon Life’s Main Corporate Products (as of July 2007)Self-reliant products: Insurance premiums are borne not by the corporation or organization, but by theexecutives and employees themselves.

*Key Man plan is an individual insurance and insurance annuities policy handled by a corporations (See p. 24).

I am the owner of a company. How can I offer improved benefitplans to executives and employees?Q16

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Company (Customer)

Nippon Life

• Explanation of purchased products

• Accumulated amount simulations, etc.

Internet

Firewall

Employees

Personresponsible

for administration

WebServer

DatabaseServer

Company (Customer)Intranet

Nissay Life Navigation System

Provision for Unexpected Events that Affect an Employee(Group Insurance)■ Building Attractive Employee Benefit PlansIn addition to providing general welfare group term life insurance to support surviving family members in theevent of an employee’s death, Nippon Life is moving ahead with consulting related to optional group term lifeinsurance for employees, and as well as with proposals to meet increasing needs to establish employeebenefit plans that meet the needs of both corporations and employees. These efforts involve introducingproducts that meet increasing demand for medical coverage.

In addition, Nippon Life is working to strengthen its comprehensive consulting in fields that straddle theboundary between life and non-life insurance by offering combinations of life and non-life insurance, such asmedical/cancer insurance plans, group long-term disability insurance and comprehensive group accidentinsurance, which are provided by Nissay Dowa General Insurance, and optional group term life insurance pro-vided by Nippon Life.

■ Efforts in Administrative ServicesIn the field of self-reliant products, Nippon Life is striving to reduce the burden of system administration forcompanies and increase convenience for employees by establishing call centers handling inquiries and provid-ing policyholders with a single notification that covers the various products they have purchased.

In response to companies’ introduction of information technology, Nippon Life also offers the Nissay LifeNavigation System, which individual policyholders can access online. This includes such functions as onlineapplications, accumulated pension amount simulations and a service handling online inquiries about thepolicies purchased.

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Supporting Corporate Clients’ Preparation for EmployeeRetirement Allowances and Pensions (Group Annuities)■ Commissioned Systems to Strengthen and Specialize Group Annuities ServicesAs a commissioned organization that can provide a combination of defined benefit pensions and defined con-tribution pensions, we utilize the strength of the entire Nippon Life Group to offer high-quality services in awide range of areas, including plan design, plan administration, trust and custody and asset management.

Nippon Life Group

Plan design and consulting

Nippon Life

Defined benefit pension Master trust

The Master Trust Bank of Japan, Ltd.

Asset management organization of defined contribution pension

Trust and custody

Defined benefit pension Asset management

Nissay Asset Management Corporation

Defined contribution pension Asset management

Corporate-pension Business Service Co., Ltd.

Plan/member management

Nippon Record Keeping Network

Customers

Defined benefit pension management

Defined contribution pension investment

and management organization

Plan/member management

Asset management

Plan/member management

Commissioned Systems to Strengthen and Specialize Group Annuities Services

Nissay Defined Benefit Corporation Pension PlanThe defined benefit corporation pension plan, which was launched in April 2002, has beeninstituted at 1,941 locations (according to the Life Insurance Association of Japan)throughout Japan as of March 31, 2007, and further growth is expected.

In addition to its advanced consulting service, which has been providing customizedinsurance plans, Nippon Life has designed the DB Package Plan, a contribution-basedplan that primarily targets customers having enrollments of between 50 to fewer than 250people, and has designed a defined benefit corporation pension plan that a wide range ofcustomers will find suitable.

Defined Contribution Pensions (401k Pensions)Nippon Life provides improved services that include a call center that enables clients toget answers to all questions with a single phone call, high-quality investment training byour own in-house experts and consulting and administrativesupport for business owners. We have created a structure thatcan meet a wide range of needs, from system introduction to dailymanagement. As an asset management organization, Nippon Lifehas obtained 351 (as of March 31, 2007) outsourcing contracts inthis area, the highest in the industry. The Company also providesa variety of products that are appropriate for long-term annuityinvestments such as various Nissay Asset ManagementCorporation investment trusts and GIC (Guaranteed InvestmentContracts) that are extremely safe.

Defined Benefit Corporate PensionsThese are benefit-type plans, which arelike defined pensions in that the amountof contributions and benefits is predeter-mined. They come in two types, contract-type and foundation fund-type. Theprotection of pension rights is the primarypurpose of the new pension system thatwas enacted into law in April 2002.

Nissay Defined ContributionPension Open PlansThese are package-type plansthat are easy to introduce andless expensive to operate thantraditional plans.

DB Package Plan

Defined Contribution PensionsThese pension plans are based on prede-termined contributions and set benefitsdetermined by the performance of individ-uals’ investments. They come in two types.In Corporate Plan, the firm pays the con-tribution for employees. In Individual Plan,individuals pay the contributions for them-selves. These Pension plans are based onpension laws that went into effect inOctober, 2001.

■ Consulting for Corporate Retirement Allowance and Annuity Systems DesignNippon Life provides a wide range of services, including consulting on retirement allowances and pensionplans by actuaries and system design specialists and verification of the effects of system changes on corpo-rate and annuity finances.

Furthermore, preferential tax treatment for tax-qualified pension plans will end in March 2012. As one ofthe preeminent tax-qualified pension plan institutions, Nippon Life is working to provide customers withinformation on the new system while supporting them to ensure a smooth transition.

SAS70 ReportTo ensure an objective evaluation of theeffectiveness and reliability of our internalcontrols for corporate pension opera-tions, an inspection based on the State-ment on Auditing Standards 70 (SAS70)was carried out, and we are now in receiptof a report that states in effect that, as ofOctober 31, 2006, our internal controls aredesigned and established appropriately. The evaluation covered the administrationof the corporate pension plan, the calcula-tion of retirement benefits and the man-agement of the separate account.

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Public and corporate

bonds 33.0%

Loans 19.6%

Stocks 22.8%Foreign securities

14.5%

Other 2.1%

Monetary receivables

2.7%

Cash, deposits and call loans 2.0%

Real estate 3.3%

Breakdown of General Account(¥49,562.6 billion as of March 31, 2007)

INVESTING INSURANCE PREMIUMS ENTRUSTED TO US

Features of Asset ManagementTo be certain that they can pay future insurance claims, life insurance companies invest the accumulatedinsurance premiums entrusted to them with sufficient consideration for safety, profitability, liquidity andpublic good. By spreading risk and allocating assets from a mid- to long-term perspective, Nippon Life aims tosecure stable investment returns.

General Account Asset Management PoliciesNippon Life invests general account assets based upon the following asset management policies.

1. Protecting the well-being of policyholders is our first responsibility2. Achieving long-term stable growth of investment returns through a coherent asset management

strategy3. Conducting asset management in a way that is acceptable to policyholders, maintaining an awareness of

the mission and public nature of the life insurance businessRecognizing the characteristics of life insurance policies, we have established asset management policies

based upon an Asset Liability Management (ALM) approach. In order to consistently provide policyholderswith promised returns over the long term, we are concentrating investments in domestic public and corporatebonds expected to provide stable interest income. In order to improve mid- to long-term profitability, andaiming to provide returns to policyholders in the form of dividends, we invest in domestic stocks, foreignsecurities and other investment products within an allowable level of risk.

Asset Soundness and RankingAs a result of our efforts based on the above management policies, Nippon Life has secured asset soundnessand high ranking.

■ Non-Performing Loan RatioAlthough we manage our loan portfolio with a focus on profitability, we pay due consideration to maintainingand improving asset soundness. As a result, our non-performing loan ratio is low, and, with regard to non-per-forming assets according to borrower classification, our ratio of loans to companies categorized as requiringspecial attention was 0.48% as of March 31, 2007.

■ High Ranking The soundness of the entire Company, including its assets, has been highly rated by third-party rating compa-nies (See p. 15).

General Account and Separate AccountThe separate account consists of individ-ual variable insurance, individual variableannuities and a portion of group annuities.The separate account increases ordecreases depending on the investmentmanagement results of such assets asinsurance payment funds and otherreserves, and it is classified and managedseparately from other accounts. Thegeneral account is the account in whichassets except those of the separateaccount are managed.

Asset Liability Management (ALM)ALM is a method of managing assets andliabilities in an integrated manner. Toensure that it can pay future insuranceclaims, Nippon Life works to lessen theimpact of interest rate changes by adjust-ing investment periods and applying othermanagement tactics, maintaining a firmgrasp on the status of liabilities deemed“policy reserves” that are accumulatedevery fiscal period and the status of assetsunder management.

Are the insurance premiums we are paying being safelyinvested?Q17

Efforts in the Asset Management BusinessTo respond to corporate employee benefit and customer asset for-mation needs that continue to diversify and become more sophisti-cated, the Nippon Life Group has positioned asset management,which manages the separate account and provides investment advi-sory services and investment trust products, as a core business onpar with its life and non-life insurance as well as IT system busi-nesses and is making every effort to strengthen it.

Nissay Asset Management Corporation was established in May2000 by consolidating Nippon Life’s Separate Account Management

Department, which was initially spun off as a separate company, anda Nippon Life trust investment-advisory subsidiary. This companyplays the central role in the asset management business of theNippon Life Group.

Nissay Asset Management Corporation is striving to win cus-tomer trust while strengthening risk management, client services,product development and asset management capabilities.

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■ Asset ManagementInvesting in securities, real estate and alternative investments, our asset management teams in New York,London and Singapore conduct balanced and diversified investment in order to secure a wide variety of profit-earning opportunities. Also we aim to strengthen our asset management capabilities by absorbing the latestfinancial techniques from overseas.

New York Office

London Office

Nippon Life Insurance Company of America

NLI International Inc.

Bangkok Life Assurance LimitedNissay-SVA Life Insurance Co., Ltd.

NLI Investments Europe Limited

In a total of 7 countries in Europe, North America and Asia, Nippon Life has established 16 subsidiary compa-nies and 5 representative offices. These subsidiaries are engaged in the fields of insurance, asset manage-ment and research.

■ Insurance BusinessWhile the life insurance market has conventionally been dominated by Europe, North America and Japan, themarket is growing on a global basis, with needs increasing in tandem with growth in Asia and other emergingeconomies. To expand its medium- to long-term earnings platform, Nippon Life is augmenting its overseasoperations in the United States by expanding insurance operations in China, Thailand and other Asian nations.

■ ResearchNippon Life gathers and analyzes information from representative offices in New York, London, Frankfurt andBeijing regarding the financial and insurance businesses in these areas. This information is put to use in ourbusiness activities. A new office was established in Singapore during fiscal 2007.

Nippon Life has worked in recent years to shore up its earnings foundation. With a view toward directing theseefforts toward further improving its earnings capacity, Nippon Life will continue to steadily develop overseasoperations, aiming to expand profit-earning opportunities through a diverse range of initiatives.

Nippon Life Insurance Company ofAmericaEstablished in December 1991, Nippon LifeInsurance Company of America is selling in-surance products to corporations, including

group health insurance,through six branches inNew York, Los Angeles,Chicago, Atlanta andother cities.

Nissay-SVA Life Insurance Co., Ltd.Established in September 2003 as a joint venturetogether with SVA (Group) Co., Ltd., a leading

consumer electronicsmanufacturer under thedirect control of theShanghai municipal gov-ernment, this companyconcentrates its businesson selling individual andgroup insurance in Shang-hai, Zhejiang Province.

Bangkok Life Assurance LimitedSince first acquiring a stake in Bangkok LifeAssurance Limited, one of Thailand’s leading life insurance companies, in April 1997, we havestrengthened our ties in this country over the

years. We acquired addi-tional shares in thecompany in January 2004and October 2006.

OVERSEAS BUSINESS DEVELOPMENT