PPM Super Insurance Guide 1 January 2017

Transcription

1 IMPORTANT NOTICE Fr existing members (that is, members wh jined the Fund prir t 1 January 2017) wh are aged less than 55, default cver is available fr pt-in between 1 January 2017 and 9 April 2017 (inclusive). Bth references t 1 March 2017 n page 3 f the attached Insurance Guide shuld be replaced with 9 April 2017.

2 PPM Super Insurance Guide 1 January 2017 The Infrmatin in this Insurance Guide frms part f the Prduct Disclsure Statement (PDS) and shuld be read in cnjunctin with the Additinal Infrmatin Bklet fr PPM Super Fund dated 15 September Cpies f these dcuments are available frm the website r by calling (02) Issued by Diversa Trustees Limited (ABN , AFSL , , RSE License L ) ( the Trustee ), as trustee f The Grsvenr Pirie Master Superannuatin Fund Series 2. ABN ( the Fund ). PPM Super is a sub plan f the Fund. The Fund s cntact details are: PPM Superannuatin Hldings Pty Limited ACN: , ABN: Level 3, 46a Macleay St Ptts Pint, NSW, 2011 GPO Bx 263, Sydney NSW 2001 Website: gpml.cm.au inf@gpml.cm.au Phne: (02) PPM Super is the visin f Private Prtfli Managers Pty Ltd. Private Prtfli Managers Pty Ltd Pty Ltd assists with the investment management f PPM Super (under an agreement with the Trustee). Private Prtfli Managers Pty Ltd is nt the issuer f PPM Super and the Trustee des nt in any way endrse, warrant r accept respnsibility fr any services prvided by Private Prtfli Managers Pty Ltd in its wn right r n behalf f Grsvenr Pirie (the Administratr ) directly t members r prspective members. The infrmatin in this dcument is f a general nature nly. It des nt take int accunt yur individual bjectives, financial situatin r needs. Therefre yu shuld cnsider whether this infrmatin is apprpriate fr yu having regard t yur wn circumstances befre relying n it. We recmmend yu seek advice frm a licensed financial adviser befre making any decisins abut this prduct. In this dcument, we means Diversa Trustees Limited ABN ( the Trustee ) and Grsvenr Pirie Management Limited ABN unless stated therwise. 1

3 PPM Super Insurance Guide Insurance cver available frm the Fund is issued t members thrugh life insurance plicies issued by AIA Australia Limited (ABN AFSL ) (referred t as the Insurer ) t the Trustee. AIA Australia Limited is part f AIA Grup Limited, a market leader in life insurance acrss the Asia Pacific regin with mre than 90 years experience. AIA Grup Limited and its subsidiaries cmprise the largest independent publicly listed pan-asian life insurance grup. The insurance benefits available frm the Fund are subject t the terms and cnditins f the relevant insurance plicy dcument held by the Trustee. Any insurance benefits can nly be paid by the Trustee t an insured member ( Insured Member ) if permitted under the Trust Deed and superannuatin legislatin. Sme f the terms used in this Insurance Guide are defined in the relevant insurance plicy dcument. The full terms and cnditins relating t insurance are set ut in the insurance plicies and in the event f any dispute abut insurance, the plicies will take pririty ver the infrmatin in this dcument. Yu can btain a cpy f the relevant insurance plicy dcument by cntacting the Fund n (02) AIA Australia, as the Insurer f the Plicy has cnsented t the infrmatin relating t insurance being included in this Insurance Guide in the frm and cntext in which it is included, and that cnsent has nt been withdrawn befre the date f this Insurance Guide. Overview f insurance The Fund s insurance ptins ffer yu and yur family assistance in the event f yur death, r if yu suffer a Terminal Illness r becme ttally and permanently r temprarily disabled. The fllwing insurance cver is available in the Fund: Death nly Death and Ttal and Permanent Disablement ( TPD ) Incme Prtectin. Death and TPD cver Death nly r Death & TPD cver prvides an Insured Member r their dependants (as applicable) with a lump sum payment in the event the Insured Member dies r suffers a Terminal Illness (where the Insured Member has Death nly cver) r the Insured Member s becmes Ttally & Permanently Disabled (where the Insured Member has Death and TPD cver). An Insured Member is Ttally & Permanently Disabled if the Insured Member satisfies either the TPD Standard Definitin r TPD Limited Definitin. Refer t the definitins f Terminal Illness, TPD Standard Definitin and TPD Limited Definitin in the later sectins f this Insurance Guide fr when an Insured Member will qualify fr a Terminal Illness r TPD benefit. The maximum amunt f Death nly r Death & TPD cver available t be selected by the member is $1 millin. Death nly r Death & TPD cver is available t members f the Fund wh are: aged 15 t 54 (inclusive) fr Death & TPD cver; r aged 15 t 64 (inclusive) fr Death nly cver; and Australian citizens r Australian permanent residents. Death nly cver is available t the fllwing members: Death & TPD cver is available t the fllwing members: Permanent Emplyees Cntractrs Casuals Nn-wrking members Permanent Emplyees wrking at least 20 hurs per week Cntractrs wrking at least 20 hurs per week Permanent Emplyees, Cntractrs, Casuals are defined in the relevant insurance plicy. Fr members wrking in hazardus r uninsurable ccupatins (in accrdance with the Insurer s ccupatinal guide): these members are nt eligible fr Death nly r Death & TPD cver as applicable. Where a member is nt gainfully emplyed (as defined by the relevant insurance plicy) at the time f requesting Death nly r Death & TPD cver, the Blue Cllar ccupatin classificatin rating will apply as a default. Members may at any time change their ccupatin classificatin by cmpleting the relevant frm. 2

4 Yu can btain a cpy f the relevant insurance plicy dcument by cntacting the Administratr n Cver expires as fllws: Death cver: age 65 TPD cver: age 55 A member can btain Death nly r Death & TPD cver in 2 ways: 1. pting in fr default cver, r 2. applying fr vluntary cver. Default cver A member can pt-in fr a default amunt f Death nly r Death and TPD cver which changes in accrdance with the member s age next birthday (refer t Appendix A fr these amunts f cver). The premiums fr default cver is based n the member s age next birthday, gender and ccupatin. Default cver is available t bth new members (that is, members wh jin the Fund n r after 1 January 2017) and existing members (that is, members wh jined the Fund prir t 1 January 2017). Members may pt-in fr default cver by answering a list f questins thrugh the nline member prtal and will be prvided with default cver subject t meeting the belw cnditins. Fr new members, default cver is available fr pt-in within 60 days f the member jining the Fund. If the member satisfactrily answers the list f questins, and a super cntributin has been received by the Fund (rllver, emplyer SG cntributin r persnal cntributin), default cver will be prvided. Hwever default cver will be subject t New Events Cver fr 2 cnsecutive years frm the date default cver cmmences (refer t the New Events Cver sectin t determine hw the New Events Cver restrictin ceases r can be remved). If a new member did nt pt-in fr default cver within 60 days f jining the Fund r satisfactrily answer the list f questins, default cver will nt be available and the new member may btain Death nly r Death & TPD cver by applying fr vluntary cver instead, subject t the vluntary cver applicatin being accepted by the Insurer. Fr existing members wh are aged less than 55, default cver is available fr pt-in between 1 January 2017 and 1 March 2017 (inclusive). Where an existing member: hlds Death nly r Death & TPD cver in the Fund which is greater than r equal t the crrespnding amunt f default cver fr their age next birthday (as per Appendix A) and the member satisfactrily answers the list f questins, the existing member s Death nly r Death & TPD cver will be fixed cver at the same cver amunt and be subject t the insurance plicy terms and cnditins in effect frm 1 January 2017; r hlds Death nly r Death & TPD cver in the Fund which is less than the crrespnding amunt f default cver fr their age next birthday (as per Appendix A), the member satisfactrily answers the list f questins, and the member s first super cntributin (rllver, emplyer SG cntributin r persnal cntributin) has been received by the Fund, the existing member will be prvided with an increase in Death nly r Death & TPD cver s that the existing member s ttal cver is equal t the crrespnding amunt f default cver fr their age next birthday (as per Appendix A). The increased cver amunt will be subject t New Events Cver fr 2 cnsecutive years frm the date the increased cver cmmences (refer t the New Events Cver sectin t determine hw the New Events Cver restrictin ceases r can be remved). The existing member s ttal cver will be default cver (and change in accrdance with the member s age next birthday as per Appendix A) and be subject t the insurance plicy terms and cnditins in effect frm 1 January If, and when, the existing member s default cver becmes less than the amunt f Death nly r Death & TPD cver held immediately prir t the increase in cver, the existing member s cver will n lnger fllw the default cver scale and be fixed cver at the same Death nly r Death & TPD cver amunt held immediately prir t the increase; r des nt hld any Death nly r Death & TPD cver in the Fund, the member satisfactrily answers the list f questins, and the member s first super cntributin (rllver, emplyer SG cntributin r persnal cntributin) has been received by the Fund, the existing member will be prvided with default cver. Hwever default cver will be subject t New Events Cver fr 2 cnsecutive years frm the date default cver cmmences (refer t the New Events Cver sectin t determine hw the New Events Cver restrictin ceases r can be remved). If the existing member did nt pt-in fr default cver by 1 March 2017 r satisfactrily answer the list f questins, default cver will nt be available and the existing member may btain Death nly r Death & TPD cver by applying fr vluntary cver instead. Vluntary cver Vluntary cver is available t members wh: wish t increase their existing Death nly r Death & TPD cver; r are nt eligible fr default cver (as they did nt pt-in fr default cver within the required windw perid r did nt satisfactrily answer the list f questins) but wish t apply fr Death nly r Death & TPD cver. Vluntary cver is subject t the member meeting the eligibility cnditins fr Death nly r Death & TPD cver, being fully underwritten and accepted by the Insurer. Where vluntary cver is accepted by the Insurer, the member s ttal sum insured (including any existing default cver held) will autmatically becme fixed cver. Premiums fr fixed cver thereafter under this ptin will be equal t the default cver premium rates. 3

5 Where an Insured Member with default cver is accepted fr vluntary cver and their default cver is subject t New Events Cver, the New Events Cver restrictin will be remved as a result f vluntary cver being accepted by the Insurer. New Events Cver (Death nly and Death & TPD nly) Where a member s default Death nly r Death & TPD cver is subject t New Events Cver, this means the Insured Member is nly cvered fr claims arising frm a sickness which first became apparent r an injury which first ccurred n r after the date the Insured Member s cver cmmenced r mst recently cmmenced under the relevant insurance plicy. Where the New Events Cver restrictin is in place fr 2 cnsecutive years, the New Events Cver restrictin will cease at the end f the 2 year perid prvided the member is At Wrk fr 30 cnsecutive days immediately prir t the end f the 2 year perid, therwise the New Events Cver restrictin will cntinue t apply until such time the member is At Wrk fr 30 cnsecutive days. A member may chse t remve the New Events Cver restrictin during the 2 year perid by being underwritten and this is accepted by the Insurer. If New Events Cver ceases, r is accepted fr remval by the Insurer, the member s default cver will revert t full cver. At Wrk means that the member is: actively engaged in his r her nrmal duties, withut limitatin r restrictin due t injury r sickness and is wrking his r her nrmal hurs n the applicable date; nt restricted by sickness r injury frm being capable f perfrming their full and nrmal duties n a full-time basis (fr at least 30 hurs per week) even thugh actual emplyment can be n a full-time, part-time, casual r cntract basis; and nt in receipt f, r entitled t claim, any incme supprt benefits frm any surce including wrkers cmpensatin benefits, statutry transprt accident benefits and disability incme benefits. A member will be cnsidered At Wrk n the applicable date, as the cntext requires, if he r she is n apprved leave fr reasns nt related t a sickness r injury, such as maternity/paternity leave and nt taking int the accunt the leave is able t meet the At Wrk definitin. A member wh is nt gainfully emplyed fr reasns ther than sickness r injury will be cnsidered At Wrk if the member is nt restricted by sickness r injury frm being capable f perfrming their full and nrmal duties n a full-time basis (fr at least 30 hurs per week) even thugh the member is nt then wrking and the member is nt in receipt f, r entitled t claim, any incme supprt benefits frm any surce including wrkers cmpensatin benefits, transprt accident benefits and disability incme supprt benefits. Incme Prtectin cver Incme Prtectin prvides a mnthly incme stream calculated in accrdance with the relevant insurance plicy ( Mnthly Benefit ) in the event that an Insured Member is Partially Disabled r Ttally Disabled and a sickness r injury causes an Insured Member t be unable t wrk and earn an incme. Apprved rehabilitatin expenses may als, at the Insurer s discretin, be reimbursed subject t a maximum f 6 Mnthly Benefit payments, the Trust Deed and superannuatin legislatin. Fr mre infrmatin cntact the Administratr. An injury must be caused by an accident ccurring while a member is insured under the relevant insurance plicy and result slely and directly and independently f pre-existing cnditins r any ther cause. A sickness must manifest itself while a member is insured under the relevant insurance plicy. Refer t the definitins f Partial Disability and Ttal Disability in the later sectins f this Insurance Guide fr when an Insured Member will qualify fr a Partial Disability benefit r Ttal Disability benefit. This insurance cvers 75% f an Insured Member s Pre-Disability Incme up t a maximum Mnthly Benefit f $20,000 fr up t tw years (r t age 65 if earlier). Where eligible, Mnthly Benefit payments cmmence after the expiratin f the waiting perid f 30, 60 r 90 days. The waiting perid is calculated in accrdance with the prvisins in the relevant insurance plicy and may be affected by any days that the Insured Member returns t wrk during this perid. An Insured Member can return t wrk fr up t 2 days during the waiting perid withut any impact n their waiting perid. Incme Prtectin cver may be subject t individual transfer terms (where applicable). Incme Prtectin cver expires at age 65. Hw t apply r change yur cver? Insurance cver is ptinal fr members and is nt autmatically applied t every member f the Fund. T btain: default Death nly r Death & TPD cver, yu will need t cmplete the nline questinnaire via the member prtal within the specific windw perids; r vluntary Death nly r Death & TPD cver r Incme Prtectin cver, yu will need t cmplete the Life Insurance Applicatin Frm available at 4

6 The granting f insurance cver is subject t the member meeting the relevant eligibility cnditins and any underwriting r medical requirements f the Insurer, as per the nline questinnaire r applicatin frm. An Insured Member with Death nly r Death & TPD cver may elect, at any time, t reduce their sum insured r cancel Death cver nly, TPD cver nly, r Death and TPD cver by writing t the Fund at inf@gpml.cm.au. The member will receive written cnfirmatin when their insurance cver is decreased r ceased. Hwever an Insured Member cannt maintain TPD cver nly, and the TPD sum insured cannt be higher than the Death sum insured. Where an Insured Member with default cver reduces their sum insured r cancels cver, the Insured Member s remaining cver will be Fixed Cver and nt change in accrdance with the member s age next birthday. An Insured Member with Incme Prtectin cver may elect, at any time, t change their Waiting Perid r cancel Incme Prtectin cver by writing t the Fund at inf@gpml.cm.au. The member will receive written cnfirmatin when their insurance cver is changed r ceased. Where an Insured Member applies fr new cver r an increase in existing cver, the requested change will be effective n the day the Insurer accepts the applicatin fr cver. Where an Insured Member requests t reduce r cancel their cver, the requested change will be effective n the day after the written request is received by the Fund. An Insured Member s premiums will be adjusted in accrdance with the requested change. All relevant frms fr an applicatin in cver r changes t cver is available frm r n request by cntacting the Fund n (02) Duty f disclsure The Insurer requires the Trustee t disclse the fllwing infrmatin. In the fllwing sectins ( Yur duty f Disclsure, If yu d nt tell the Insurer smething and Privacy ), references t the Plicy Owner is the Trustee, references t yu is the Insured Member and references t us and we and ur are the Insurer. The Trustee, as the Plicy Owner wes the Insurer a statutry duty f disclsure under the Insurance Cntracts Act 1984 (Cth). As such, it is expected that yu (the Insured Member) will prvide the Plicy Owner and the Insurer with all infrmatin necessary t ensure that the Plicy Owner has cmplied with this statutry duty. This includes yu infrming the Plicy Owner and the Insurer f any changes t yur persnal circumstances such as emplyment, address and ther infrmatin that may be relevant t yur insurance cver as sn as pssible. Please ensure that yu read this infrmatin carefully. If yu have any questins, please cntact the Fund. Yur duty f disclsure Yu and the Plicy Owner have a duty t tell us anything that yu knw, r culd reasnably be expected t knw, which may affect ur decisin t insure yu and any ther Insured Member and n what terms. Yu and the Plicy Owner have this duty until we agree t insure yu, and als befre yu extend, vary r reinstate the insurance cver. If yu fail t disclse these things t us, we may treat this as a failure t cmply with this statutry duty. Any failture by yu t disclse may als be treated as a failure by the Plicy Owner t cmply with this statututry duty. We may then have the rights described in the if yu d nt tell the Insurer smething sectin. Yu d nt need t tell us anything that: reduces ur risk; r is cmmn knwledge; r we knw r shuld knw as an insurer; r we waive yur duty t tell us abut. If yu d nt tell the Insurer smething We, as the Insurer, have a number f rights in the event f nn-disclsure. In exercising these rights, we may cnsider whether different types f cver can cnstitute separate cntracts f life insurance. If they d, we may apply the fllwing rights separately t each type f cver. The rights are as fllws: If yu d nt tell us anything yu are required t, and we wuld nt have prvided the insurance if yu had tld them, we may avid the cntract within 3 years f entering int it. If we chse nt t avid the cntract, we may, at any time, reduce the amunt f insurance prvided. This wuld be wrked ut using a frmula that takes int accunt the premium that wuld have been payable if yu had tld us everything yu shuld have. Hwever, if the cntract prvides cver n death, we may nly exercise this right within 3 years f entering int the cntract. 5

7 If we chse nt t avid the cntract r reduce the amunt f insurance prvided, we may, at any time vary the cntract in a way that places us in the same psitin we wuld have been in if yu had tld us everything yu shuld have. Hwever, this right des nt apply if the cntract prvides cver n death. If the failure t tell us is fraudulent, we may refuse t pay a claim and treat the cntract as if it never existed. Privacy This sectin summarises key infrmatin in the AIA Australia Privacy Plicy, which may be updated frm time t time. Fr further infrmatin, please review the mst up t date full versin f the AIA Australia Privacy Plicy n AIA Australia s website at AIA Australia Limited is part f the AIA Grup. Yur privacy is imprtant t us and AIA Australia and we are bth bund by the privacy principles which apply t private sectr rganisatins under the Privacy Act, and ther laws which prtect yur privacy. AIA Australia Limited, AIA Financial Services Limited, AIA Grup and their related bdies crprate and jint venture partners (tgether referred t as AIA Australia ), prvide yu the fllwing ntificatin and infrmatin abut AIA Australia s Privacy Plicy and yur rights. Why AIA Australia cllects Persnal Infrmatin AIA Australia cllects, uses and disclses persnal and sensitive infrmatin ( Persnal Infrmatin ) fr purpses set ut in the AIA Australia Privacy Plicy, including t prcess yur applicatins, enquiries and requests in relatin t insurance, AIA Vitality and ther prducts, fr underwriting and reinsurance purpses, t administer, assess and manage yur insurance and ther prducts, including claims, and t prvide, manage and imprve ur prducts and services. AIA Australia may nt be able t d these things withut yur Persnal Infrmatin. AIA Australia may als cllect, use and disclse Persnal Infrmatin t understand yur needs, interests and behaviur, persnalise ur dealings with yu, t verify yur identity, authrity t act n behalf f a custmer, maintain and update their recrds, manage ur relatinship with yu, cmply with lcal and freign laws and regulatry requests, detect, manage and deal with imprper cnduct and cmmercial risks and fr reprting, research and marketing purpses. Where yu agree r AIA Australia is therwise permitted by law, AIA Australia may cntact yu n an nging basis by , phne and therwise, with ffers and ther prmtinal infrmatin abut prducts r services AIA Australia think may interest yu. If yu d nt wish t receive these direct marketing cmmunicatins yu may indicate this where prmpted r by cntacting AIA Australia as set ut in AIA Australia s Privacy Plicy. Hw AIA Australia cllects, uses and disclses Persnal Infrmatin AIA Australia may cllect yur Persnal Infrmatin frm varius surces including frms yu submit and AIA Australia s recrds abut yur use f AIA Australia s prducts and services and dealings with AIA Australia, including any telephne, and nline interactins. AIA Australia may als cllect yur infrmatin frm public surces, scial media and frm the parties described in AIA Australia s Privacy Plicy. AIA Australia is required r authrised t cllect Persnal Infrmatin under varius laws including the Life Insurance Act, Insurance Cntracts Act, Crpratins Act and ther laws set ut in AIA Australia s Privacy Plicy. Where yu prvide AIA Australia with Persnal Infrmatin abut smene else, yu must have their cnsent t prvide their Persnal Infrmatin t AIA Australia in the manner described in AIA Australia s Privacy Plicy. AIA Australia may cllect yur Persnal Infrmatin frm, and exchange yur Persnal Infrmatin with, AIA Australia s related bdies crprate including withut limitatin, jint venture entities ( Affiliates ) and third parties, including the life insured, plicy wner r beneficiaries f yur insurance plicy, AIA Australia service prviders r cntractrs r service prviders r cntractrs f AIA Australia s Affiliates, yur representatives (including withut limitatin, yur financial adviser and the Australian Financial Service Licensee they represent, the distributr f yur insurance plicy, the trustee and administratr f yur superannuatin fund, yur emplyer, unins f current and frmer staff members f AIA Australia (including cntractrs) r anyne acting n yur behalf including any ther representative r intermediary) ( Representatives ), yur emplyer r bank, health prviders, partners used in AIA Australia s activities r business initiatives, reinsurers, insurance brkers and intermediaries, distributrs, regulatry and law enfrcement agencies, and ther parties as described in AIA Australia s Privacy Plicy. Parties t whm AIA Australia disclse Persnal Infrmatin may be lcated in Australia, Suth Africa, the US, the United Kingdm, Eurpe, Asia and ther cuntries including thse set ut in AIA Australia s Privacy Plicy and yu acknwledge that Australian Privacy Principle 8.1 (which relates t crss-brder disclsure) will nt apply t the disclsure, AIA Australia will nt be accuntable fr thse verseas parties under the Privacy Act and yu may nt be able t seek redress under the Privacy Act. Where AIA Australia prvides yur Persnal Infrmatin t a third party, the third party may cllect, use and disclse yur Persnal Infrmatin in accrdance with their wn privacy plicy and prcedures. These may be different t thse f AIA Australia. Other imprtant infrmatin By prviding infrmatin t AIA Australia r yur Representatives, the trustee r administratr f a superannuatin fund, submitting r cntinuing with a frm r claim, r therwise interacting r cntinuing yur relatinship with AIA Australia, yu cnfirm that yu agree and cnsent t the cllectin, use (including hlding and strage), disclsure and handling f Persnal Infrmatin in the manner described in AIA Australia s Privacy Plicy n AIA Australia s website as updated frm time t time, and that yu have been ntified f the matters set ut in the AIA Australia Privacy Plicy befre prviding Persnal Infrmatin t AIA Australia. Yu agree that AIA Australia may nt issue a separate ntice each time Persnal Infrmatin is cllected. Yu must btain and read the mst up t date versin f the AIA Australia Privacy Plicy frm AIA Australia s website at r by cntacting AIA Australia n t btain a cpy. Yu have the right t access the Persnal Infrmatin AIA Australia hlds abut yu, and can request the crrectin f yur Persnal Infrmatin if it is inaccurate, incmplete r ut f date. Requests fr access r crrectin can be directed t AIA Australia using the details in the Cntact AIA Australia sectin belw. AIA Australia s Privacy Plicy prvides mre detail abut AIA Australia s cllectin, use (including handling and strage), disclsure f Persnal Infrmatin and hw yu can access and crrect yur Persnal Infrmatin, make a privacy related cmplaint and hw AIA Australia 6

8 will deal with that cmplaint, and yur pt-ut rights. Fr the avidance f dubt, the AIA Australia Privacy Plicy applicable t the management and handling f Persnal Infrmatin will be the mst current versin published at which shall supersede and replace all previus AIA Australia Privacy Plicies and/r Privacy Statements and privacy summaries that yu may receive r access, including but nt limited t thse cntained in r referred t in any telephne recrdings and calls, applicatins, websites, underwriting and claim frms, Prduct Disclsure Statements and ther insurance and disclsure statements and dcumentatin. Cntact AIA Australia If yu have any questins r cncerns abut yur Persnal Infrmatin, please cntact AIA Australia as set ut belw: The Cmpliance Manager AIA Australia Limited PO Bx 6111 Melburne VIC 3004 Phne When des cver cmmence? Fr new members and existing members wh either: hld Death nly r Death & TPD cver in the Fund; r are prvided with an increase in Death nly r Death & TPD cver in the fund (as default cver), their default cver r existing Death nly r Death & TPD cver (as applicable) cmmences n the later f the date the Insurer advises acceptance f the member s pt-in questinnaire and the date the member s first super cntributin is received by the Fund. Fr an applicatin fr vluntary Death nly r Death & TPD cver, an applicatin fr Incme Prtectin cver, r a reinstatement f previusly cancelled cver, cver cmmences n the date that the Insurer advises acceptance f the member s applicatin fr cver. If, hwever, cver acceptance is nt n standard terms, then cver will nt cmmence until the Insurer r the Trustee has been ntified in writing f the member s acceptance f any nn-standard terms. Interim cver (Vluntary Death nly & Death & TPD) While a member is applying, and being fully underwritten, fr vluntary Death nly r Death & TPD cver, interim cver will be prvided frm the date the Insurer receives the member s applicatin fr vluntary cver, until the earlier f: 90 days elapsing frm the date the Insurer received the member s applicatin; the Insurer either accepting r rejecting the member s applicatin; the member cancelling r withdrawing the applicatin; and the date cver wuld have therwise ceased under the relevant insurance plicy (refer t the Terminatin f cver sectin fr a list f these events). A benefit will be paid in the event f the member suffering an Accidental Injury resulting in the member s death r ttal and permanent disability. The maximum benefit payable is lesser f the cver applied fr and $500,000. A benefit will nt be payable if, during the interim cver perid, death r ttal and permanent disability is caused directly r indirectly by: engaging in any hazardus pursuit (as defined by the relevant insurance plicy) r pastime that the Insurer wuld nt nrmally prvide cver fr at standard rates r terms; and ther excluded events under the relevant insurance plicy (refer t the Exclusins sectin fr a list f these events). Accidental injury means a physical injury which ccurs whilst the Plicy is in frce that is caused slely and directly by vilent, visible, external and unexpected means that is nt traceable, even indirectly, t any pre-existing mental r physical cnditin. Interim cver des nt apply t pt-in default cver. Terminatin f cver Death nly r Death & TPD cver will cease n the earliest f: the Insured Member reaches age 65 fr Death cver r age 55 fr TPD cver; the date the Insured Member dies; the date a Death benefit (including Terminal Illness benefit) is paid in respect f an Insured Member; if the Insured Member has TPD cver, the date a TPD benefit is paid in respect f the Insured Member (hwever if the Death sum insured is higher than the TPD sum insured, the remaining Death sum insured will cntinue); the date the relevant insurance plicy terminates; 7

9 the date the Insured Member prvides written ntice requesting that cver will be cancelled; the date the Insured Member n lnger meets the cnditins fr cntinuatin f cver during Overseas Cver; the date the Insured Member ceases t be a member f the Fund; and 60 days frm the date a premium remains unpaid (ie insufficient funds being in the member s accunt). Incme Prtectin cver will cease at midnight n the earliest f: the date the Insured Member cancels cver; the date the relevant insurance plicy terminates; the date the Insured Member ceases t be a member f the Fund; the date the Insured Member ceases t be in active cntinuus emplyment fr at least 15 hurs per week (subject t special arrangements that apply as utlined under Cver during Leave Withut Pay sectin); the date the Insured Member reaches age 65; the date the Insured Member dies; and the date the Insured Member retires frm the wrkfrce; 30 days frm the date a premium remains unpaid (i.e. insufficient funds being in the member s accunt). If Incme Prtectin benefits becme payable, payments will cease after 2 years, if the Insured Member dies r is n lnger disabled r n reaching age 65, whichever is earlier. Exclusins Fr Death nly r Death & TPD cver, a Death, Terminal Illness r TPD benefit will nt be payable by the Insurer t any Insured Member which is caused whlly r partly, directly r indirectly by: active service in the armed frces f any cuntry, territry, freign r internatinal rganisatin; r participatin in a cmbat r fighting frce f any cuntry, territry, freign r internatinal rganisatin; r engagement in (including planning r preparing fr) any terrrism act in Australia r any freign cuntry; any act f invasin r war, whether war is declared r nt, in which Australian armed frces are invlved, r an Insured Member s cuntry f residence (including temprary residence is invlved); r death as a result f suicide, whether sane r insane; r Terminal Illness r TPD as a result f attempted suicide, a self-inflicted act r self-destructin where sane r insane; r any ther underwriting exclusin impsed n the Insured Member by the Insurer and ntified t the Insured Member at time f acceptance; r engaging in any hazardus pursuits (as defined by the relevant insurance plicy). In the case f Insured Members wh are lawfully serving within the Australian Defence Frces Reserve, exclusin (a) abve is nly applicable where the Insured Member has been called up fr active service. Fr Incme Prtectin cver, a Ttal Disability r Partial Disability benefit will nt be payable where the lss, fatal r nn fatal, is caused by r results frm: any intentinal self-inflicted injury r attempted suicide r self-destructin while either sane r insane; r service in the armed frces f any cuntry r internatinal rganisatin; r uncmplicated pregnancy, childbirth r miscarriage. Cver during Leave Withut Pay Fr Death nly r Death & TPD cver, where an Insured Member takes a perid f apprved leave withut pay (including maternity r paternity leave), and there is dcumented evidence f an agreed return t wrk date, cver will cntinue up t the earlier f the agreed return t wrk date and 24 mnths, subject t the payment f premiums fr that Insured Member. An Insured Member may apply t the Insurer t extend the cver perid beynd the initial return t wrk date and up t the maximum 24 mnth limit prvided the Insured Member applied fr the extensin at least tw mnths prir t the initial return t wrk date. If the Insurer accepts this extensin, cver will cntinue up t the new return t wrk date, subject t the payment f premiums fr that Insured Member. Fr Insured Members that either die r becme TPD during the apprved perid f leave withut pay, the sum insured will be based n the Insured Member s sum insured at the date f death r disability. If the Insured Member becmes TPD during the apprved 8

10 perid f leave withut pay, the TPD definitin used t assess the Insured Member will be that which wuld have applied t the Insured Member n the date immediately prir t the cmmencement f the apprved perid f leave withut pay. If the Insured Member has nt sught r been granted an extensin f cver r the Insured Member s perid f leave withut pay is mre than 24 mnths, the Insured Member s cver will cntinue, hwever this is subject t the payment f premiums and the Ttal and Permanent Disablement Limited Definitin applying in the event the Insured Member becmes TPD after the apprved perid f leave withut pay. Fr Incme Prtectin cver, where an Insured Member takes a perid f apprved leave withut pay (including maternity r paternity leave) cver will cntinue fr up t 12 mnths, subject t the payment f premiums fr that Insured Member. Where an Insured Member is n leave withut pay r unemplyed fr 3 mnths r mre but less than 12 mnths immediately preceding the ccurrence f an event giving rise t a claim, then any Incme Prtectin claim is assessed against the Insured Member s ability t perfrm any ccupatin. Incme Prtectin cver may cntinue beynd 12 mnths prvided an Insured Member applies t the Insurer and this is accepted by the Insurer. Overseas Cver Insured Members are prvided with cver 24 hurs a day seven days a week subject t the terms belw. Cver fr Insured Members wh are Australian citizens r Australian permanent residents and are als wrking utside f Australia fr their emplyer r residing verseas, is available fr up t a maximum f 4 years fr Death nly r Death & TPD cver and up t a maximum f 12 mnths fr Incme Prtectin cver. The details regarding the whereabuts f Insured Members verseas must be prvided t the Insurer when requested. Cver may be extended beynd 4 years fr Death nly r Death & TPD cver r 12 mnths fr Incme Prtectin cver prvided the request fr extensin is made in writing t the Insurer prir t the expiry f the 4 year r 12 mnth perid (as applicable) and this is accepted by the Insurer. In these circumstances, a premium lading, cver exclusin and/r restrictin may be applied t the Insured Member s cver. Insurance cver is subject t the cntinuing remittance f insurance premiums whilst the Insured Member is wrking verseas. The Insurer reserves the right t require that a claimant returns t Australia (at the claimant s expense) fr claim assessment and examinatin prir t payment f any benefit. Guaranteed Renewable An Insured Member s cver will remain in frce until cver ceases in accrdance with the Terminatin f Cver sectin, prvided the Insured Member pays the apprpriate premiums in full by the premium due date. The Insurer cannt cancel the Insured Member s cver and agrees t ffer renewal f the cver each year until a Terminatin f Cver prvisin is met. Individual Transfer Terms Fr members wh are insured under anther superannuatin fund ( Other Fund) r insurance plicy ( Other Plicy) fr Death nly r Death & TPD cver (ther than existing members wh hld Death nly r Death & TPD cver in the Fund immediately prir t 1 January 2017) r Incme Prtectin cver can transfer that insurance cver int the Fund ( Transferred Cver ) and btain r increase their existing cver under the Fund, subject t the fllwing: (a) the member is aged less than 55 (fr Death nly r Death & TPD cver) r less than 60 (fr Incme Prtectin cver); (b) the member cancels the Transferred Cver under the Other Fund r Other Plicy n the date it is transferred int the Fund (and des nt cntinue the cver under anther insurance arrangement fr Incme Prtectin cver); (c) the member has nt been paid, is nt eligible t be paid, r has nt ldged a claim fr, a terminal illness (fr Death nly r Death & TPD cver), ttal and permanent disablement r incme prtectin benefit with the Fund, anther insurance plicy r superannuatin fund as at the date f transfer; (d) the member has satisfactrily cmpleted the Insurance Transfer Applicatin Frm and this is accepted by the Insurer; (e) the member is nt terminally ill with a life expectancy f less than 24 mnths (fr Death nly r Death & TPD cver) r less than 12 mnths (fr Incme Prtectin cver) as at the date f transfer; 9

11 (f) the member is nt restricted, due t injury r sickness, frm carrying ut all the usual duties f their current and nrmal ccupatin fr at least 30 hurs per week as at the date f transfer (fr Death nly r Death & TPD cver); (g) the member is in gainful emplyment (as defined by the relevant insurance plicy) and physically capable f undertaking gainful emplyment fr at least 30 hurs per week as at the date f transfer; (h) the member has nt been absent frm wrk, due t injury r sickness, fr mre than 10 days in the last 12 mnths as at the date f transfer (fr Death nly r Death & TPD cver); (i) (j) the member has nt had an applicatin fr death, ttal and permanent disablement r incme prtectin cver declined by any insurer as at the date f transfer (fr Death nly r Death & TPD cver); the member prvides t the satisfactin f the Insurer, a cpy f: (i) an annual statement frm the Other Fund that was issued within 6 mnths (fr Death nly r Death & TPD cver) r within 30 days (fr Incme Prtectin cver) f the date the transfer is requested; r (ii) a certificate f currency, issued within 60 days (fr Death nly r Death & TPD cver) r within 30 days (fr Incme Prtectin cver) f the date the transfer is requested, frm the insurance cmpany that is the issuer f the Other Plicy, as cnfirmatin f Transferred Cver held under the Other Fund r Other Plicy; (k) if the member s Transferred Cver is subject t a premium lading and/r exclusin, the Insurer will nly transfer cver that is subject t a premium lading f up t 50% (fr Death nly r Death & TPD cver) r 100% (fr Incme Prtectin cver) and/r subject t n mre than 1 exclusin (fr Death nly r Death & TPD cver) r 2 exclusins (fr Incme Prtectin cver). Any ladings, restrictins r exclusins applicable under the Other Fund r Other Plicy will cntinue t apply t the member s Transferred Cver under the Fund; and (l) the member s Transferred Cver will cmmence under the relevant insurance plicy n the later f: (i) the date the Insurer accepts the member s applicatin; and (ii) the date the Transferred Cver under the Other Fund r Other Plicy is cancelled. Where the Insurer accepts the applicatin fr Transferred Cver based n the abve cnditins, Transferred Cver will be prvided in the Fund based n the terms, cnditins, premiums and ccupatin ratings prvided under the relevant insurance plicy. Transferred Cver will be fr an equivalent sum insured but subject t a maximum f $1,000,000 fr all transferred Death nly r Death and TPD cver r $10,000 per mnth fr all transferred Incme Prtectin cver. The Insured Member s ttal cver after the transfer will be subject t the maximum sum insured permitted under the relevant insurance plicy. Fr Death nly r Death & TPD cver, where an Insured Member has default cver under the Fund and an applicatin fr Transferred Cver is accepted by the Insurer, default cver will becme fixed cver frm the date Transferred Cver is accepted by the Insurer. A member cannt transfer TPD nly cver int the Fund. Fr Incme Prtectin cver, the waiting perid which applied t the Transferred Cver under the Other Fund r Other Plicy will be applied under the Fund. Where the waiting perid under the Other Fund r Other Plicy is different t the available waiting perids under the Fund, the member s waiting perid will be runded up t the next lngest waiting perid available under the Fund. Where the member s Transferred Cver has a benefit perid f 2 years r mre under the Other Fund r Other Plicy, the member s Transferred Cver will have a 2 year benefit perid applied under the Fund. If the member s Transferred Cver has a benefit perid f less than 2 years under the Other Fund r Other Plicy, the member is nt eligible t transfer their Incme Prtectin cver int the Fund. Where an applicatin fr Transferred Cver is accepted by the Insurer, the Incme Prtectin cver under the Fund is fr an indemnity benefit nly. Terminal Illness (Death nly r Death & TPD cver) Subject t the terms and cnditins f the relevant insurance plicy, a Terminal Illness benefit cmprising an advance lump sum payment f 100% f the Death sum insured will be payable t an Insured Member if the Insured Member satisfies the belw definitin f Terminal Illness. Terminally Ill means: tw registered medical practitiners (as defined by the relevant insurance plicy) have certified, jintly r separately, and apprved by the Insurer, that the Insured Member suffers frm a sickness, r has incurred an injury, that is likely t result in death within a perid (the certificatin perid) that ends n mre than 24 mnths after the date f the certificatin; and at least ne f the medical practitiners is a specialist practicing in an area related t the sickness r injury suffered by the Insured Member; and fr each f the certificates, the certificatin perid has nt ended. Ttal & Permanent Disablement r Ttally & Permanently Disabled Standard Definitin (Death & TPD cver) 10

12 Subject t the terms and cnditins f the relevant insurance plicy, a TPD benefit will be payable t an Insured Member if the Insured Member satisfies the belw Standard Definitin. This Standard Definitin applies t an Insured Member wh is: - wrking n average 20 hurs per week r mre during the 3 mnths immediately prir t the Incident Date; r - nt wrking in a hazardus r uninsurable ccupatin (in accrdance with the Insurer s ccupatinal guide) during the 3 mnths immediately prir t the Incident Date; r - n Leave Withut Pay f up t 24 mnths and the Insured Member s Incident Date is within the perid f apprved Leave Withut Pay. TPD means that the Insured Member has suffered a disability as a result f an injury, sickness r disease, which has: (a) prevented the Insured Member frm perfrming any wrk in their ccupatin fr an uninterrupted perid f at least 6 cnsecutive mnths slely due t the same injury, sickness r disease; and (b) resulted in the Insured Member attending and fllwing the advice f a medical practitiner (as defined by the relevant insurance plicy) and has undergne all reasnable and usual treatment including rehabilitatin fr the injury, sickness r disease; and (c) after cnsideratin f all the medical evidence and such ther evidence as the Insurer may require, has becme, in the Insurer s pinin, incapacitated t such an extent as t render him r her unlikely ever t be able t engage in his r her wn ccupatin and any ccupatin fr which he r she is reasnably suited by educatin, training and experience. Incident Date in this Standard Definitin means the first day f the 6 cnsecutive mnth perid as described in paragraph (a) being the day immediately after the Insured Member has nt perfrmed any wrk in their ccupatin slely due t injury, sickness r disease. Ttal & Permanent Disablement r Ttally & Permanently Disabled Limited Definitin (Death & TPD cver) Subject t the terms and cnditins f the relevant insurance plicy, a TPD benefit will be payable t an Insured Member if the Insured Member satisfies the belw Limited Definitin. The Limited Definitin applies t an Insured Member wh is: - nt in gainful emplyment (as defined by the relevant insurance plicy) during the 3 mnths immediately prir t the Incident Date; r - wrking n average less than 20 hurs per week during the 3 mnths immediately prir t the Incident Date; r - wrking in a hazardus r uninsurable ccupatin (in accrdance with the Insurer s ccupatinal guide) during the 3 mnths immediately prir t the Incident Date; r - n Leave Withut Pay, hwever: Ø Ø Ø the Insured Member has nt applied fr an extensin f leave beynd their agreed return t wrk date; r the Insurer des nt apprve the extensin applicatin beynd their agreed return t wrk date; r the perid f leave is mre than 24 mnths, and the Insured Member s Incident Date ccurs after the perid f apprved Leave Withut Pay. TPD means that the Insured Member: (a) having been fr a perid f 6 cnsecutive mnths after the cmmencement f the injury, sickness r disease, cntinuusly and ttally unable t perfrm at least 2 f the fllwing activities f daily living, as certified by a medical practitiner (as defined by the relevant insurance plicy) appinted by the Insurer, and prvided such cntinued inability is irreversible as certified by that medical practitiner. The activities f daily living are: (i) Bathing: the ability t wash neself either in the bath r shwer r by spnge bath, withut the physical assistance f anther persn. (ii) Dressing: the ability t put n r take ff all garments and medically necessary braces r artificial limbs usually wrn, and t fasten and unfasten them, withut the physical assistance f anther persn. (iii) Eating: the ability t feed neself nce fd has been prepared and made available, withut the physical assistance f anther persn. (iv) Tileting: the ability t get t and frm and n and ff the tilet, withut the physical assistance f anther persn and the ability t manage bwel and bladder functins thrugh the use f prtective undergarments r surgical appliances, if apprpriate. (v) Transferring: the ability t mve in and ut f a chair, withut the physical assistance f anther persn, 11

13 AND after cnsideratin f all the medical evidence and such ther evidence as the Insurer may require, has becme, in the Insurer s pinin, incapacitated t such an extent as t render him r her unlikely ever t be able t engage in his r her wn ccupatin and any ccupatin fr which he r she is reasnably suited by educatin, training and experience. Incident Date in this Limited Definitin means the first day f the 6 cnsecutive mnth perid as described in paragraph (a) in which the Insured Member is cntinuusly and ttally unable t perfrm at least 2 f the activities f daily wrk and medical certificatin has been prvided with respect t that date. Ttal Disability r Ttally Disabled (Incme Prtectin cver) Subject t the terms and cnditins f the relevant insurance plicy, an Incme Prtectin benefit will be payable t an Insured Member if the Insured Member satisfies the belw Ttal Disability definitin. Ttal Disability means that due t injury r sickness, the Insured Member: is unable t perfrm his r her wn ccupatin*; remains under the regular care, attendance, and is fllwing the advice f a registered medical practitiner (as defined by the relevant insurance plicy) in relatin that injury r sickness; and is nt engaged in any ccupatin (whether r nt fr reward). *In sme circumstances, an Incme Prtectin claim is assessed against the Insured Member s ability t perfrm any ccupatin (nt just their wn ccupatin). Refer t the Cver during Leave Withut Pay sectin fr when this ccurs. Partial Disability r Partially Disabled (Incme Prtectin cver) Subject t the terms and cnditins f the relevant insurance plicy, an Incme Prtectin benefit will be payable t an Insured Member if the Insured Member satisfies the belw Partial Disability definitin beynd the end f the waiting perid and the Insured Member has been Ttally Disabled fr at least 14 cnsecutive days during the waiting perid. The Partial Disability benefit will be a prprtin f the Mnthly Benefit calculated in accrdance with a frmula as described in the relevant insurance plicy. Partial Disability means that, due t injury r sickness, which directly caused the Ttal Disability the Insured Member: is unable t perfrm ne r mre imprtant duty f his r her wn ccupatin; is capable f wrking (whether r nt fr reward); is earning an Incme frm his r her ccupatin r anther ccupatin at a mnthly rate f less than his r her Pre-Disability Incme; and remains under the regular care, attendance, and fllwing the advice f a registered medical practitiner (as defined by the relevant insurance plicy) in relatin t that injury r sickness. Pre-Disability Incme (Incme Prtectin cver) Means the average mnthly Incme earned by the Insured Member ver the 12 mnths immediately prir t the date f cmmencement f the Ttal Disability. If the Insured Member is an emplyee, Incme is the remuneratin package paid by the emplyer including: salary and/r fees regular cmmissins; regular bnuses; regular vertime; and fringe benefits, but excluding mandated superannuatin cntributins, irregular cmmissins, irregular bnuses, irregular vertime and unearned incme such as investment r interest earnings. Incme is defined differently fr self-emplyed persns, a wrking directr r partner in a partnership. Fr further infrmatin abut what cnstitutes Incme and Pre-Disability Incme, cntact the Fund. Offsets (Incme Prtectin cver) 12