The LifeDAO Terms & Conditions
Terms and Conditions (T&C)
Contract Term | The LifeDAO membership Contract term is five years. |
Contract Renewal | The Member may request to renew the Contract for another period if they remain eligible for membership. |
Member Eligibility | Members aged between 20 and 60 years, calculated on an actual age basis. Members residing in countries with active war or under sanctions are not eligible for membership. |
Membership Contributions | The Member agrees to pay the required contributions annually in advance on the anniversary date specified in the Membership Benefit Certificate. |
Grace Period | 28-day grace period, the Contract will be automatically churned If contributions are not paid within the grace period, and 100% of the Member's tokens will be burned immediately. |
Benefit | If a Member dies while the Contract is active, The LifeDAO will pay the Benefit Amount to the Beneficiary, based on the Benefit Multiplier and fund performance. If the Member is alive at the end of the Contract Term, the Benefit will end automatically, and The LifeDAO will pay the Member their share of any surplus from the membership DAO fund, in line with the DAO bylaws. |
Exclusions |
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Beneficiary Designation | There must be an insurable interest between the member and the beneficiary. |
Surplus Distribution | If fund performance is not sufficiently positive, no surplus will be distributed. If positive, the surplus will be distributed partially or fully to active Members in proportion to their token holdings, as decided by the DAO. For churned Contracts, the surplus will be paid on prorata basis. |
Termination by The LifeDAO | If for whatever reason The LifeDAO cannot or can no longer offer membership to existing members based on their country or region of residence, the membership of such a member will be terminated. The member will be entitled to proportional reimbursement of their last contribution, based on the end date of the membership, excluding the Tech and Services fee, and minus any gas and handling costs directly related to the reimbursement.
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