Most Important Terms of Product

Introduction

These Most Important Terms of the Product ("MITP") set out a brief summary of the terms governing the various products available to the customers ("Customers") of Nikunj Health Technologies Private Limited ("AyushPay") on its website (https://www.ayushpay.com/) and the mobile application under the name of 'AyushPay' (together the "Portal").

By accessing the Portal or using the services provided by AyushPay in any manner whatsoever, the Customer agrees to be bound by these terms and the: (1) AyushPay Terms of Service; and (2) AyushPay Privacy Policy (collectively the "Terms"). If the Customer does not agree with these terms, the Customer should not access the Portal. The headings contained in these terms are for reference purposes only. The Customer should print a copy of these terms for their records.

By agreeing to sign-up to the Portal, the Customer also hereby gives consent for availing the (i) OPD and other healthcare facilities by third party and (ii) credit provided by Financing Partners for healthcare expenses ("Credit Facility") (together the "Services").

1. The Services

By clicking on the 'Accept & Continue' button, the Customer is hereby applying for the Card and/or the Credit Facility and is further agreeing to be bound by the Terms and the terms and conditions of the Bank and/or the Financing Partners.

It is clarified that these MITP will only be applicable to the Customer to the extent the Customer is using a particular Service:

• If the Customer is using Services in relation to the Card only, the specific clauses relating to the Credit Facility only will not be applicable. • Similarly, if the Customer is using Services in relation to the Credit Facility only, the specific clauses relating to the Card only will not be applicable. • If the Customer is using both the Card and the Credit Facility, all the clauses will be applicable.

2. Credit Facility

(a) The Customers can avail of the Credit Facility (through the Financing Partners) for their healthcare expenses. This service is available to the Customer provided AyushPay has partnered with the employer of the Customer or otherwise as per this Section.

(b) Initially, the employer will provide data in relation to the Customer (on behalf of the Customer) as per the Terms and in accordance with the policies of the Financing Partner. The Customer acknowledges and consents to the fact that their data may be shared by third parties (such as their employer or their organisation, if applicable) and such data shall be stored, retained and otherwise used or utilised by AyushPay in accordance with its Terms.

(c) After the data is gathered, the Customer is onboarded as a user on the Portal after undergoing the KYC verification as per the Terms. The Customer agrees and acknowledges that AyushPay does not store, hold or otherwise retain any documents shared by the Customer as part of the KYC process.

(d) Basis the data, the Customer will be approved and offered a pre-approved amount by the Financing Partners ("Eligibility Amount"). To use this Eligibility Amount, the Customers will have to set up repayment mandates in favor of Financing Partners ("Repayment Mandate").

(e) The Eligibility Amount is valid for 30 days, post which it is re-calculated.

(f) The Customer may draw down any portion from the Eligibility Amount, for which the Customer has to request a draw-down through the Portal.

(g) When the Customer wants to draw-down a specific amount (each a "Loan") from the Eligibility Amount, AyushPay through its Platform conveys this demand to the Financing Partner and the Financing Partner responds with a Key Fact Statement, Sanction Letter and a Loan Agreement.

(h) The Customer has to agree to the Key Fact Statement, Sanction Letter and execute the Loan Agreement digitally before the Loan can get disbursed to them.

(i) Each draw-down will be considered a separate Loan and accordingly a separate loan agreement shall be executed between the Customer and the Financing Partner.

(j) AyushPay will not be a party to the loan agreements executed between the Customer and the Financing Partner and AyushPay specifically disclaims all liability, direct or indirect, incurring to either the Customer or the Financing Partner, as a result of any act or omission which results in a breach of any of the loan agreements or related documents (the "Financing Documents").

(k) The Financing Partner disburses the Loan into the hospital's bank account directly (the same bank account which has been set up for the Repayment Mandate).

(l) The Customer further agrees and acknowledges that:

(i) The Loans have been lent strictly for health and medical-use case only as outlined to the Customer and they cannot be used for any other purpose. (ii) At the time of booking the Loan, the Customer will agree to pay the principal and the interest on the Loan to the Financing Partner. (iii) The Customer has the option to get AyushPay to pay the interest (Interest Reimbursement) on the Loan by providing proof towards medical end use. (iv) The Customer shall provide proof towards the end use of the Loan and/or any draw-down amounts by providing an invoice for an amount equal to or higher than the amount drawn-down. (v) On receipt of the invoice AyushPay will verify the invoice. If the invoice is approved, then AyushPay will credit the entire interest payable on the Loan amount in the Customer's bank account. (vi) If the Customer fails to provide an invoice for the full Loan amount, or if the invoice provided is lesser than the Loan amount, AyushPay will only reimburse the Customer the interest due on the Loan amount that equals the value of the invoice. (vii) If the customer doesn't upload any invoice or if the invoice is not validated by AyushPay, then AyushPay will not provide any interest reimbursement to the customer.

(m) Principal repayments and/or penalty payments will happen directly from the Customer's bank account through the Repayment Mandate as per the terms agreed with the Financing Partner.

(n) In case the customer decides not to continue with the loan they can do so provided they make this decision within the cooling off period offered by the respective Financing Partner.

(o) If the customer decides to foreclose the loan within the cooling off period they will bear no foreclosure charges and any interest due or fee collected will be prorated for the number of days the loan was outstanding in the books of the Financing Partner.

3. The Card

(a) AyushPay will provide the Card to the Customer for its healthcare expenses.

(b) Initially, the employer/individual will provide data in relation to the Customer (or on behalf of the Customer) as per the terms and the policies of the Bank. The Customer acknowledges and consents to the fact that the Customer's data may be shared by third parties (such as their employer or their organisation, if applicable) and such data shall be stored, retained and otherwise used or utilized by AyushPay in accordance with its Terms.

(c) After the data is gathered, the Customer is onboarded as a user on the Portal after undergoing the KYC verification as per the Terms. The Customer agrees and acknowledges that AyushPay does not store, hold or otherwise retain any documents shared by the Customer as part of the KYC process. The Customer also explicitly agrees and acknowledges that the documents shared by the Customer as part of the KYC process can be used by the Bank.

(d) Basis the data, the Card is issued to the Customer. The employer of the Customer shares with AyushPay an INR value up to which the Card can be loaded at an individual Customer level. Before each time the Customer wants to utilize the Card for a transaction, the Customer has to request that their Card be loaded with the desired amount. The Customer acknowledges and agrees that the Card issued by the Bank is not loaded through any credit facilities availed from the Financing Partners.

(e) The Card can be utilized only in accordance with the Terms and the terms and policies of the Bank.

4. Fees, Interest and Charges

If the Customer uses the Services, the Customer may be charged non-refundable service charges or fee, details of which will be communicated to the Customer in the Financing Documents issued by the Financing Partner and/or any documents issued by the Bank or AyushPay in relation to the Card.

The Customer is also responsible for any fees or other amounts that the Customer's phone service provider charges, such as fees for SMS, data services, and any other fees that the Customer's phone service provider may charge.

Schedule of Card Charges: • Re-issuance of Lost or Damaged Card: INR 300 • Additional Add-On / Supplementary Card (First Add-On Card is Free): INR 300

6. Entire Understanding

The MITP sets out the summary of terms governing various products available to the Customer through the Portal and by clicking on 'Accept & Continue' button, the Customer is hereby agreeing to these terms and conditions, along with the terms and conditions in the following documents (as applicable):

(a) Relevant Financing Documents executed with the Financing Partners. (b) Terms and conditions/privacy policy of AyushPay's Financing Partners and/or the Bank. (c) Terms and Conditions available on the AyushPay Portal. (d) Privacy Policy of AyushPay.

7. Confidentiality

The Customer hereto shall keep strictly confidential all information including but not limited to that which may be disclosed or confided to it by the other in the course of the performance of the obligations ("Confidential Information") under this MITP. The Customer shall not disclose Confidential Information to any third party without prior approval of AyushPay. This clause shall survive the termination of the Services.

Information may not be considered Confidential Information if the same is: (a) Already in the public domain. (b) Required to be disclosed by the Customer under any laws, rules or regulations or pursuant to the order or direction of any court, authority, tribunal or forum.

8. Change in Information

The Customer shall inform AyushPay of any change in the Customer's mailing address. Further, the Customer shall also inform AyushPay about any change in details such as name, telephone number, or mobile number.

The Customer can update these details by submitting a request by emailing info@ayushpay.com.

9. Prohibition Against Assignment

The functions, rights or obligations under the MITP shall not be assigned or delegated to any party or person by the Customer without the express prior written consent of AyushPay. Any purported assignment or delegation in contravention of the terms under this MITP shall be null and void.

10. Suspension, Termination or Cancellation of Services

AyushPay may, if it is satisfied that it is necessary to do so, at any time and on such conditions as it thinks fit, suspend or deny or terminate the Services under the following circumstances:

(a) In the event of the Customer being declared insolvent or in the event AyushPay receives any notice/intimation about the death of the Customer. (b) In the event of the Customer committing breach of any of the Terms. (c) In the event of any restriction imposed on the Customer by an order issued by any regulatory authority or a court in India or by any investigating agency.

11. Indemnity

The Customer shall indemnify and keep AyushPay, its directors, officers, employees and agents indemnified of, from and against any cost, expenses, charges, which AyushPay is required to incur or has incurred to defend any such claim, suit, demand, prosecution, proceedings, due to any act of omission or commission, fraud, negligence or default on the part of the Customer.

12. Force Majeure

Notwithstanding anything contained herein, AyushPay shall not be liable to the Customer for any harm, loss, damage or injury caused due to causes beyond its control such as tide, storm, cyclone, flood, lightning, earthquake, fire, blast, explosion or any other act of God, war, rebellion, revolution, insurrection, embargo or sanction, blockade, riot, civil commotion, labor action or unrest including strike, lock-out or boycott, interruption or failure of any utility service, enemy action, criminal conspiracy, act of terrorism or vandalism, sabotage, hacking, unanticipated technological or natural interference or intrusion, loss or damage to satellites, loss of satellite linkage or any other data communications linkage, loss of connectivity or any other irresistible force or compulsion.

13. Service of Notice

Any notice or communication required to be given under this MITP shall not be binding unless the same is in writing and shall have been served by hand delivery against acknowledgement or by registered post at:

AyushPay Address: Plot No. 2-A, First Floor, KH No. 294, Kehar Singh Estate, Saidulajb Village, Lane No. 2, New Delhi – 110030

In case a notice is to be served to the Customer, it shall be sent to the address recorded with AyushPay.

14 & 15. Contact & Grievance Officer

If the Customer has any questions about our policy or related dealings with AyushPay or would like further information about our services and practices, the Customer can contact AyushPay at info@ayushpay.com. This MITP must be read in conjunction with the other agreements. Any grievance, with respect to the MITP, shall be addressed to info@ayushpay.com.

Grievance Officer: Name: Amit Kukreja Email: amit.kukreja@ayushpay.com

The Customer may address any grievances in respect of the MITP to the Grievance Officer.

16. Governing Language

All deeds, documents and writings that may be executed and all correspondence that may be exchanged between the Customer and AyushPay in relation to the subject matter of the MITP shall be in the English language, which shall be the governing language between the Customer and AyushPay.

17. Governing Law and Jurisdiction

(a) The MITP and the services shall be governed by and construed in accordance with the laws of India. Subject to the provisions of arbitration set out herein, the courts at Mumbai shall have exclusive jurisdiction in relation to any disputes arising out of or in connection with these Terms.

(b) If any dispute arises between AyushPay and the Customer in connection with or arising out of the validity, interpretation, implementation or alleged breach of any provision of the MITP, such dispute shall be referred to and finally resolved by arbitration in accordance with the Arbitration and Conciliation Act, 1996. The dispute shall be resolved through arbitration by 1 (one) arbitrator and the seat and venue of the arbitration shall be Mumbai, India.

(c) The language of the arbitration proceedings and of all written decisions and correspondence relating to the arbitration shall be English.

(d) By acceptance of the MITP, the Customer agrees to be bound by the governing law and mechanism of dispute resolution above.