ANZ Smart Choice Super for Employers and their Employees AIA Australia Limited Fluor Australia Retirement Benefit Plan
ANZ SMART CHOICE SUPER FOR EMPLOYERS AND THEIR EMPLOYEES AIA AUSTRALIA LIMITED FLUOR AUSTRALIA RETIREMENT BENEFIT PLAN INSURANCE GUIDE|ISSUED 1 OCTOBER 2023 DEATH AND TOTAL AND PERMANENT DISABLEMENT COVER INCOME PROTECTION COVER ANZ SMART CHOICE SUPER ENTITY DETAILS IN THIS INSURANCE GUIDE Name of legal entity Registered numbers Retirement Portfolio Service OnePath Custodians Pty Limited AIA Australia Limited Australia and New Zealand Banking Group Limited Oasis Asset Management Limited Fluor Australia Pty Ltd Fluor Australia Retirement Benefit Plan ABN 61 808 189 263 RSE R1000986 ABN 12 008 508 496 AFSL 238346 RSE L0000673 ABN 79 004 837 861 AFSL 230043 ABN 11 005 357 522 AFSL 234527 ABN 68 090 906 371 ABN 78 835 651 704 Abbreviated terms used throughout this Insurance Guide Fund OnePath Custodians, OPC, Trustee, us, we, our Insurer ANZ Oasis Asset Management, Administrator Employer Employer Plan CONTENTS Important information 3 When does your cover cease? 8 Insurance in ANZ Smart Choice Super 4 Cover ceases after inactivity 8 What type and amount of cover is available? 4 Continuation of cover 8 When are you eligible for cover? 4 Additional features 9 What is Default Cover? 4 How to make a claim 9 What is Voluntary Cover? 5 Duty to take reasonable care 9 When does cover commence? 5 Insurance risks 10 What are the benefits? 6 Appendix 11 When we won't pay Benefits 6 Definitions 23 Who is a Benefit paid to? 7 Insurance Fee Schedule 26 What are the costs of insurance? 7 IMPORTANT INFORMATION This Insurance Guide must be read together with the ANZ Smart Choice Super for employers and their employees Product Disclosure Statement (ANZ Smart Choice Super PDS) dated 1 October 2023. ANZ Smart Choice Super for employers and their employees (ANZ Smart Choice Super) is part of the Fund. When an employer joins ANZ Smart Choice Super, their nominated employees become members of the Fund. OnePath Custodians is the Trustee of the Fund and is the issuer of this Guide. This Guide is issued for the information of new members joining the Employer Plan on or after the issue date of this Guide. Other members should refer to the insurance guide that they received on joining the Employer Plan because the information in this Guide might not be accurate for them. OPC is a member of the Insignia Financial group of companies, comprising Insignia Financial Ltd (ABN 49 100 103 722) and its related bodies corporate (Insignia Financial Group). The ANZ brand is a trademark of ANZ and is used by OPC under licence from ANZ. The information in this Guide is of a general nature and has been prepared without taking into account your objectives, financial situation or needs. You should obtain financial advice tailored to your personal circumstances. Before acting on the information or advice, you should consider whether it is appropriate for you, having regard to your objectives, financial situation and needs. You should obtain a copy of the ANZ Smart Choice Super PDS before making any decision about whether to acquire, or to continue to hold, the superannuation product. You can obtain a copy of the PDS by contacting Customer Services on 13 12 87. The Fund is governed by a trust deed (Trust Deed). Together with superannuation law, the Trust Deed sets out the rules and procedures under which the Fund operates and the Trustee's duties and obligations. If there is any inconsistency between the Trust Deed and the PDS or this Guide, the terms of the Trust Deed prevail. A copy of the Trust Deed is available from us at no extra charge. In the case of this Guide, cover is provided by AIA Australia Limited (the Insurer) under group policies issued to the Trustee. In respect of such policies, the Trustee reserves the right to change insurer, or vary the benefits or Insurance fee rates from time to time. A separate policy for Death and Total and Permanent Disablement (TPD) and Income Protection arrangements applies, and each will be referenced as `Policy' throughout this Guide. Where the Insurer imposes loadings or exclusions as a result of the member's health, pastimes or other individual circumstances, the Insurer will write to the Trustee and provide specific details relating to the member's cover. The member will receive notification where this occurs. The Trustee is responsible for the contents of this Guide. The ANZ Smart Choice Super PDS comprises the following documents: · ANZ Smart Choice Super for employers and their employees Product Disclosure Statement dated 1 October 2023; · ANZ Smart Choice Super for employers and their employees Additional Information Guide (AIG); · ANZ Smart Choice Super for employers and their employees Fees Guide; · ANZ Smart Choice Super Buy-Sell Spread Guide; and · This Guide. The purpose of this Guide is to give you more information and/or specific terms and conditions referred to in the PDS. You should consider all that information before making a decision about ANZ Smart Choice Super. If you invest in ANZ Smart Choice Super, you can access a copy of the PDS, the AIG and any matter that is applied, adopted or incorporated in the PDS from our website at www.anz.com/smartchoicesuper > Downloads important documents. To the extent that you are provided with cover as set out in this Guide, these terms and conditions will prevail over those set out in the ANZ Smart Choice Super for employers and their employees Insurance Guide(s) dated 25 July 2022. This Guide, the link to which was included in your Welcome Pack or Insurance Activation Letter (as applicable), contains all the information about the insurance applicable to your Employer Plan. You may also request a copy of all information (including this Guide) at no extra charge by contacting Customer Services on 13 12 87. A Target Market Determination for the product is available at www.anz. com.au/support/rates-fees-terms/target-marketdeterminations/ Trustee contact details OnePath Custodians Pty Limited ABN 12 008 508 496 AFSL 238346 RSE L0000673 347 Kent Street Sydney NSW 2000 GPO Box 5107 Sydney NSW 2001 Phone: 13 12 87 weekdays between 8.30am and 6.30pm (AEST/AEDT) Email: smartchoice@insigniafinancial.com.au Website: www.anz.com/smartchoicesuper 3 INSURANCE IN ANZ SMART CHOICE SUPER This Guide has been prepared to provide general information about the insurance your Employer has arranged with the Trustee on behalf of employees who are members of your Employer Plan. It explains the terms and conditions of the insurance policies the Trustee has entered into with the Insurer for those members of your Employer Plan who are insured. This Guide summarises the insurance arrangements for your Employer Plan and is specific to this Employer Plan. If you are not part of this Employer Plan then please contact Customer Services to obtain the relevant and appropriate insurance guide for your arrangement. Each Policy, Policy Schedule and endorsements to the Policy form the complete terms and conditions between the Insurer and the Trustee. This Guide sets out the main terms of the Policy covering your Employer Plan within ANZ Smart Choice Super. This Guide is not a legally binding contract of insurance with the Insurer. Insurance cover is subject to eligibility, acceptance and other terms and conditions of the Policy. In the event of any inconsistency between the terms and conditions of the Policy and this Guide, the Policy terms and conditions will prevail. The Trustee may change the Insurer and/or terms (including Insurance fee rates) of the insurance cover at any time with appropriate notice. Details of the type of insurance cover and the value of cover in place for you will be shown on your Welcome Pack or Insurance Activation Letter (as applicable) and subsequent Annual Statements each year. You can also view the sum insured, type of insurance and your insurance fees online. Log on to www.anz.com/ smartchoiceaccess or the ANZ App or by calling Customer Services on 13 12 87. Any material alteration to the terms and conditions outlined in this Guide will be advised in writing. Please refer to the `What is Default Cover?' and `What is Voluntary Cover?' sections of this Guide for further details. Generally, if you are a member who is eligible for insurance, you will be covered 24 hours a day, 365 days a year, worldwide. The Appendix will specify whether there are any restrictions on cover while you are overseas. WHEN ARE YOU ELIGIBLE FOR COVER? To be eligible for the insurance cover established for your Employer Plan, you will generally be required to meet predetermined eligibility criteria. These criteria, which are set out in the Policy, may include the following items: · your age · occupation · employment status · residency status; and/or · hours of work. The Trustee and the Insurer will assess eligibility to the extent possible based on the details provided by your Employer. To avoid being charged insurance fees for cover you are ineligible for, please ensure that you notify us if you are aware of any reason why you may not be eligible or contact us if you would like to discuss whether you are eligible for Default cover. If the Trustee and/or the Insurer are told or otherwise become aware that they have accepted insurance fees for cover for which the member is ineligible, the relevant insurance fees will be refunded and no insurance cover will apply for any period during which the member was ineligible. You can elect to cancel, opt-out of or reduce your Default cover at any time by contacting Customer Services on 13 12 87. For the specific eligibility criteria that applies to your Employer Plan, refer to the Appendix. When reading this Guide, some expressions (shown capitalised and bold when first used) have a special meaning. The meaning is either explained in context or in the Appendix or Definitions sections to this Guide. WHAT TYPE AND AMOUNT OF COVER IS AVAILABLE? Your Employer can select: · Death only Cover · Death and Total and Permanent Disablement (TPD) Cover, and/or · Income Protection (IP) Cover (if applicable), for your Employer Plan. Your Employer may also choose an amount of Default Cover to apply to your Employer Plan. The Type of Cover, and the amount of Default Cover, your Employer has selected for your Employer Plan is set out in the Appendix. The particular benefits arranged for you will be specified in the Welcome Pack sent to you or Insurance Activation Letter (as applicable). Benefits described in this Guide that are not listed in your Welcome Pack may not be available to you. You may also be eligible to apply for additional cover or cover that differs from the Default Cover applicable to your Employer Plan. This is Voluntary Cover. 4 WHAT IS DEFAULT COVER? Your Employer may have chosen Default Cover for your Employer Plan. Default Cover is cover that is provided to eligible members, without the member being required to provide any evidence of health. At the time your account is created, your Employer is required to give us the details necessary to: · determine your eligibility for insurance cover; · calculate the sum insured that you are entitled to; and · determine the insurance fee rates and any loadings that are applicable to you. If your Employer does not provide this information, or until this information is provided, we cannot establish insurance cover in your ANZ Smart Choice Super account. If the information is not provided to us within 180 days of you commencing employment with your Employer, you may no longer be eligible for Default cover. In this instance, you may need to apply to the Insurer for cover, and it will be at the discretion of the Insurer as to whether this cover is provided to you and the terms applicable to that cover. To ensure your details have been set up correctly by your Employer, check the details found in your Welcome Pack or Insurance Activation Letter (as applicable), including gender, occupational category (if applicable), date of birth, types of insurance and sum insured. If you believe that any of this information is incorrect, you must advise both us and your Employer immediately. You can also view the sum insured, type of insurance and your insurance fees online. Simply register for ANZ Smart Choice Super online access at www.anz.com/smartchoiceaccess or the ANZ app by calling Customer Services on 13 12 87. If you are eligible, the level of Default Cover you receive will be determined by the Benefit Design for your Employer Plan and specifically the membership category applicable to you. The Plan's benefit design is set out in the Appendix. To find out the membership category applicable to you, call Customer Services on 13 12 87. If you believe that you are in an incorrect membership category, please contact both us and your Employer immediately as your eligibility for a future benefit or claim may be affected if you are not in the appropriate membership category. Default Cover will be provided up to a maximum amount, called the Automatic Acceptance Limit (AAL). The Insurer may have the right to vary or remove the AAL. Refer to the Appendix for further details about the AAL. Depending on the Benefit Design for your Employer Plan, your Sum Insured may also increase or decrease. Any increase in the Sum Insured will be limited to that allowed under the AAL. Note: If the Benefit Design uses your Salary to calculate a benefit, your Employer must notify us of all salary changes as they occur. If we are not notified of a change in salary, and no additional Insurance fee has been paid, in the event of a claim the Insurer may pay a lower benefit based on the salary previously advised or the salary at the last review date. If you are not eligible to obtain Default Cover, or you have Default Cover but want a greater amount of cover (including an amount above the AAL), you must apply to the Insurer by submitting an application for Voluntary Cover. For further information see`What is Voluntary Cover?'below. WHAT IS VOLUNTARY COVER? Depending on the Benefit Design your Employer has chosen, if you are not eligible for Default Cover, you may be able to apply for: · Death only Cover; · Death and TPD Cover; and/or · IP Cover (if applicable). The Appendix sets out the types of cover you can apply for and any eligibility criteria you must meet to be able to apply for cover. You cannot apply for TPD Cover without Death Cover. You can also apply to increase your existing Sum Insured, up to the Maximum Benefit Level. The Appendix sets out the Maximum Benefit Level that applies to your Employer Plan. A different Maximum Benefit Level may apply to the different types of cover available. You can apply to increase the Sum Insured of your Death Cover only or TPD Cover, or the Sum Insured for both your Death and TPD Cover. However, you cannot apply to increase the Sum Insured of your TPD Cover above that of your Death Cover. All applications for Voluntary Cover will be subject to the Insurer's acceptance, following the provision of medical evidence as required by the Insurer. The Insurer reserves the right to offer modified acceptance terms or decline applications for Voluntary Cover for any reason. If the Insurer accepts the Voluntary Cover, they may provide written acceptance to a Forward Underwriting Limit. If this is available for your Employer Plan, further details will be provided in the Appendix. To apply for Voluntary Cover, please contact Customer Services on 13 12 87. You may be contacted by us for additional evidence or further information. While your application is being considered by the Insurer, you may be eligible for Interim Accident Cover (if applicable). Refer to the Appendix for more information. WHEN DOES COVER COMMENCE? The commencement date of your cover depends on whether it is Default Cover or Voluntary Cover. DEFAULT COVER The commencement date of Default Cover is determined by the terms and conditions applicable to your Employer Plan. In some cases this will also be determined by the category established for you by your Employer. Refer to the Appendix for more information. VOLUNTARY COVER Cover commences on the date the Insurer approves your application provided there are sufficient funds in your account to pay for the Insurance fees. We will send a letter to you confirming your cover and the date that your cover commenced. REDUCING, OPT-OUT OF OR CANCELLING YOUR COVER You can reduce, opt-out of the amount of your cover, or cancel your cover, at any time by contacting Customer Services on 13 12 87. You cannot reduce your Death Sum Insured to an amount below your TPD Sum Insured. If you reduce, opt-out of or cancel your cover (including Default Cover), your cover may not be increased or reinstated if you wish to do so at a later time. You must apply for any increase in cover. If you cancel your cover within the first 30 days of its commencement, in some circumstances some or all of the Insurance fees (premiums) in respect of any cancelled cover may be refunded to your superannuation account. For more information, call Customer Services. COVER ACCEPTANCE Where the Insurer approves your cover or any change in cover on altered terms, your acceptance of these will be required within 28 days of the Insurer's offer. 14-DAY COOLING-OFF PERIOD If you feel that the cover does not meet your needs you can request for it to be cancelled, provided you have not made a claim. Your premium will be refunded in full to your superannuation account. You must make this request within 14 days of the cover being issued. Where cover has been duly cancelled under this clause, the insured cover will be considered not to have started and no benefits will be payable. The cooling off period also applies to automatic increases. Should your sum insured for your Default Cover increase, you can request to cancel the increased portion of the Sum Insured within 14 days from the date we notify you of the increase. If you decide not to take up the increased cover your cover will be limited to the amount of cover you had prior to the automatic increase. 5 COVER FOR LOW-BALANCE ACCOUNTS AND FOR MEMBERS UNDER THE AGE OF 25 YEARS Under the Putting Members'Interests First (PMIF) legislation, unless covered by an exception, default insurance cover cannot be automatically provided to: · members under 25 years old; or · members who have a superannuation balance of less than $6,000 (regardless of their age). You may still opt in to add insurance cover to your super account or to retain your existing insurance coverage. You will receive notification explaining the changes and how you can retain your insurance cover. Please note that an exception may apply if: · you are an emergency services worker, or work in a `dangerous occupation' (subject to the Trustee making an exclusion election); or · your Employer fully meets the cost of your insurance cover. WHAT ARE THE BENEFITS? DEATH BENEFIT AND TERMINAL ILLNESS BENEFIT Subject to any restrictions that apply to your cover, your lump sum Death Benefit will be paid if you die while your Death Cover is in place and current. The amount of your Death Benefit will be your Sum Insured for Death Cover on the date of death plus your superannuation account balance. You can claim a lump sum Terminal Illness Benefit (if available) if you become Terminally Ill while your Death Cover is in place and current. The Appendix sets out the definition of Terminally Ill. Note: If you have insurance within your super, it is important to understand the terms and conditions as you may not be able to claim a Terminal Illness benefit until your life expectancy is limited to 12 months or less. If you withdraw your super balance when your life expectancy is greater than 12 months, you may wish to consider maintaining some money in your super account to keep the account open and to ensure a sufficient balance to pay any insurance fees. Withdrawing your full balance could result in the loss of valuable insurance cover. You must meet the Insurer's claim requirements and satisfy the Insurer on medical and other evidence that you meet the definition of Terminal Illness before the insured benefit will be paid. Other restrictions may also apply to your Employer Plan. Refer to the Appendix for more information. TOTAL AND PERMANENT DISABLEMENT (TPD) BENEFIT You can claim a lump sum TPD Benefit if you become Totally and Permanently Disabled while your TPD Cover is in place and current. The Appendix sets out the definition of Total and Permanent Disablement applicable to your Employer Plan and in some cases to your particular category. You must meet the Insurer's claim requirements and satisfy the Insurer on medical and other evidence that you meet the definition of Total and Permanent Disablement before the insured benefit will be paid. Other restrictions may also apply to your Employer Plan. Refer to the Appendix for more information. AMOUNT OF DEATH BENEFIT AND TPD BENEFIT The Sum Insured for each Type of Cover you have cannot exceed the Maximum Benefit Level for that Type of Cover, as set out in the Appendix. Generally, payment of a Terminal Illness Benefit will reduce the Sum Insured of your Death Cover. If your Sum Insured for Terminal Illness Cover and Death Cover are the same amount, your Death Cover will cease. Refer to the Appendix for more information. Payment of a TPD Benefit will also reduce the Sum Insured of your Death Cover. If your Sum Insured for TPD Cover and Death Cover are the same amount, your Death Cover will cease. The Sum Insured for your TPD Cover cannot exceed the Sum Insured for your Death Cover. TPD Tapering may apply to your TPD Cover. TPD Tapering is the gradual reduction of the amount of TPD Cover to zero, generally in the final five years before reaching age 65 or the Cover Expiry Age. If TPD Tapering applies to you, more information on this can be found in the Appendix. INCOME PROTECTION (IP) BENEFIT (IF APPLICABLE) IP Cover is designed to provide you with a monthly amount while you are Totally Disabled or Partially Disabled, to assist you to meet your day-to-day living expenses during your recovery period, giving you time to focus on your health and recovery. You can claim the monthly Total Disability Benefit if you are Totally Disabled for longer than the Waiting Period, while your IP Cover is in place and current. You can claim the monthly Partial Disability Benefit if you become Partially Disabled while your IP Cover is in place and current. If your Employer has selected IP Cover for your Employer Plan, the Appendix sets out the definition of Total Disability and/ or Partial Disability that applies to your Employer Plan. You must meet the Insurer's claim requirements and satisfy the Insurer on medical and other evidence that you meet the definition of Total Disability or Partial Disability before the insured benefit is paid. The Insurer may also have ongoing claim requirements. If your Employer has selected IP Cover to apply to your Employer Plan, the Appendix will set out: · how the monthly amount of your Total Disability Benefit and Partial Disability Benefit will be calculated; · the period of time during which the Insurer will pay a Total Disability Benefit or Partial Disability Benefit. This is known as the benefit payment period; · the Waiting Period the monthly benefit starts to accrue from the day after the end of the Waiting Period; and · any other terms that apply. WHEN WE WON'T PAY BENEFITS The Insurer won't pay benefits in certain circumstances. These circumstances are set out in the Appendix. It is important that you be aware of when a benefit will not be paid. 6 WHO IS A BENEFIT PAID TO? As the insurance Policy is issued to the Trustee and cover is offered to you under the Policy as a member of ANZ Smart Choice Super, the Insurer will pay any Benefits to the Trustee. Once we receive the proceeds from the Insurer these will be held in the superannuation environment, in the ANZ Smart Choice Cash investment option. If you would like to switch this amount to another investment option you can do so online via www.anz.com/smartchoiceaccess or by calling Customer Services. Upon meeting a condition of release, you will receive the benefit amount in accordance with the Fund's Trust Deed, adjusted positively or negatively, for investment earnings. We do not guarantee the payment of an insured benefit or the performance of the Insurer. Your Employer may agree to pay your Insurance fees on your behalf, by way of an Employer additional contribution to reimburse for the Insurance fees deducted from your account. Your Employer may also cancel such an arrangement at any time. Under these conditions, including if you leave your Employer, you may be liable to pay the Insurance fee, including any unpaid fees owing. If your Employer agrees to pay Insurance fees for your Default Cover, and you wish to cancel or opt out of such cover, you should co-ordinate this with your Employer. Exceptions apply for insurance only members, such that the deduction of insurance fees will await the Employer's additional contributions and the Employer may not withdraw their consent to incur fees in respect of such arrangements, except with our approval. Any claims made on the Policy must be made through the Trustee as the Policy owner. Before the Trustee can pay any insurance Benefit to you or your beneficiary(ies), the claim must be accepted by the Insurer and approved by the Trustee. For Income Protection Cover, should you wish to change your waiting period or benefit period to a basis other than that provided as the plan's default benefit design, your Employer will no longer meet the cost of cover on your behalf. From then, the Insurance The Trustee may only release a Benefit (including any Terminal Illness, TPD or Income Protection Benefit paid to the Trustee by the Insurer) where you have met a `condition of release' under superannuation law. If the Trustee cannot release your Benefit, any proceeds will be credited to your super account and paid when you meet a condition of release. fees for Voluntary cover will apply. Aside from the arrangements for insurance only members, your Employer's arrangement with us to incur the cost of any fees is voluntary and consent for such arrangement may be withdrawn at any time. If this is the case, you will receive 30 days prior notification. We will let you know of the options available to you. The Trustee will pay any Death Benefit (comprising your account balance and any sum insured amounts for cover in place and current) at the claim date, to the beneficiary(ies) you have nominated in your non-lapsing nomination, unless there is no nomination or your nomination is defective or has been cancelled. See `Nominating a Beneficiary' in the AIG for information about nominating beneficiaries and non-lapsing nominations and how the Trustee determines a claim if there is no nomination on your account. If the Insurer rejects, reduces or defers a claim, the Trustee may reduce the Benefit payable to take into account the Insurer's refusal, reduction or deferral. However, after the Trustee has reviewed all relevant medical reports and documents that the Insurer relied upon to make its decision, if the Trustee is of the view that the claim If your Employer terminates its Employer Plan in ANZ Smart Choice Super, your insurance cover (any default and voluntary amounts) will cease and your account will no longer be linked to your Employer. This is to avoid you having duplicate default cover established and incurring multiple insurance fees. You will receive notification prior to this occurring. The actual Insurance fee payable for your cover will be advised in the Welcome Pack provided upon joining ANZ Smart Choice Super or Insurance Activation Letter (as applicable), and then for each subsequent year in the Annual Statement issued as at 30 June. If your Employer pays your Insurance fees, and you wish to cancel your insurance, you will need to make this request through your Employer. Further details of your Insurance fees are detailed in the Appendix. has a reasonable prospect of success, the Trustee will do everything that is reasonable to pursue the matter on your behalf. INSURANCE FEE WAIVER In some cases the Insurer may waive the payment of WHAT ARE THE COSTS Insurance fees for IP Cover (where applicable) for you which fall due while you are receiving a benefit. OF INSURANCE? INSURANCE FEES If this applies to your Employer Plan, further information will be provided in the Appendix. The Insurance fees applicable to your Employer Plan are set TAXES AND EXPENSES out in the Appendix. The Insurance fee that applies to you may depend on a variety of factors, including but not limited to: · the type and level of cover; · your age and gender; · your salary; · any relevant rating factors applicable to your Employer Plan; and/or Insurance fees are inclusive of any applicable: · administration fees the Insurer charges; · Federal, State or Territory taxes, or other government charges; and · expenses incurred in administering any function required by a Federal, State or Territory Government under any legislation in relation to the Policy. · your health and pastimes. Any applicable stamp duty and other taxes are included in the PAYMENT OF INSURANCE FEES Insurance fees are calculated daily and deducted monthly in advance from your account balance. If you do not have sufficient funds in your account to cover the Insurance fee, you will be advised in writing. You will be given prior notice to contribute the required funds to your account before your cover may be cancelled. Insurance fees. The Insurer may vary or otherwise adjust any amounts (including but not limited to Insurance fees, charges and benefits), under the Policy in the manner and to the extent the Insurer determines to be appropriate to take account of the tax. Benefit payments under Income Protection cover are generally considered to be income replacement, and are treated as assessable income. Therefore, the applicable Pay 7 As You Go (PAYG) tax will be deducted before any payment is made to you. WHEN DOES YOUR COVER CEASE? Your cover will end on the earliest of: · the date you meet any of the criteria specified in `When your cover ceases' in the Appendix; or · the date the Policy ends for any of the reasons outlined in the Policy; or · the date you die. It is very important that you be aware of the dates your cover will end, as depending on the event, you may not receive prior notification of your cover ceasing from either the Trustee or the Insurer. COVER CEASES AFTER INACTIVITY Death, TPD and Income Protection cover (if applicable) will cease if we have not received a contribution or rollover into your account for a period of 16 consecutive months and you have not notified us in writing that you want the cover to continue, unless an employer-sponsor contribution or Australian Defence Forces exception applies. We will write to you during this period of inactivity about your options to keep your cover. You will also be able to request in writing that the Trustee reinstates your cover, within 60 days of the insurance cover ceasing. Your insurance cover will be reinstated with any pre-existing condition exclusions, loadings or restrictions backdated to cessation and any insurance fees since it ceased will be collected. CONTINUATION OF COVER What happens when you leave your Employer prior to 1 December 2023? On termination of employment with your Employer, your superannuation account in ANZ Smart Choice Super will continue. However, your insurance cover under your Employer Plan will cease from the date you leave the service of your Employer and Insurance fees will no longer be deducted. What happens when you leave your Employer on or after 1 December 2023? If your Employer notifies us that you have left employment with them, your account will no longer be linked to your Employer's Plan and your Default and Voluntary cover will be converted to a fixed amount of Choose Your Own cover within ANZ Smart Choice Super. The cover will be provided by Zurich Australia Limited, the insurer for Choose Your Own cover within ANZ Smart Choice Super under a separate policy. The cover amount will be equal to the amount of cover held on the date that you have left employment with your Employer. Where your cover is converted to a fixed amount of Choose Your Own cover, your Insurance fees will be based on the rates for Choose Your Own cover (rather than the Employer Plan's tailored arrangement) and will be effective from the date we process your conversion to Choose Your Own cover or an earlier date. The Choose your Own terms and conditions will be applicable from the date you left employment with your Employer. For more information on Choose your Own cover, please refer to the Standard Employer Plans Insurance Guide which can be found at www.anz.com/smartchoicesuper > Downloads important documents or by calling Customer Services. What happens if the Employer terminates the Employer Plan? At a future date, the Employer Plan in ANZ Smart Choice Super may be terminated. This may occur for various reasons including, but not limited to, a decision by the Employer to establish a new or replacement default superannuation plan, or the cessation of the Employer's business. Once the Trustee receives an official written request from your Employer to terminate the Employer Plan in ANZ Smart Choice Super, you will receive a letter from the Trustee advising you of this and the implications for your insurance cover. If your insurance cover will cease or change, we will provide you with notification. What is the effect of conversion to Choose Your Own cover? The rates applicable to Choose Your Own cover are generally higher than rates that apply to tailored employer plans. This means the cost of your cover will generally increase in the event that your Employer notifies us that you have left employment with them. The rates applicable to Choose Your Own cover are based on your age, gender, type of cover, your occupational category and amount of cover. Any special acceptance terms which apply to your cover including conditions, restrictions, exclusions, limitations and loadings will continue to apply to your converted Choose Your Own Cover. You can apply to change your occupational category which will impact on the cost of your cover. Where your occupational category is known this will be retained even after you are no longer linked to your Employer. If your occupational category is not known and you or your employer do not tell us otherwise, your insurance fee will be calculated in line with premiums for the `Light Blue collar' occupational category. This will determine the loadings that are applied to your Insurance fees. You can contact us at any time to advise us of the occupational category that is applicable to you. Any change to your Insurance fee loadings will be applied from the next business day after the Acceptance Date. Choose Your Own rates are included in the ANZ Smart Choice Super for employers and their employees Insurance Guide for Standard Employer Plans, which you can find on our website at www.anz.com/smartchoicesuper > Downloads important documents or by calling Customer Services. You may also have the following options to obtain personal insurance cover as outlined below: 1. You may be able to take up personal insurance cover with the Employer Plan's Insurer through a Continuation Option. You may need to do so within a prescribed time frame from the cessation of your employment, generally this is within 60 days of leaving the service of your Employer. Refer to the Appendix for further information in relation to the Continuation Option. If you elect to exercise a Continuation Option then Choose Your Own cover within ANZ Smart Choice Super is not available. 8 2. You may apply for insurance cover through OneCare Super. OneCare Super is issued by the Trustee as the Trustee of the Fund and offers Life and/or TPD cover, Income Secure cover and Extra Care cover. Premiums are payable for cover provided through OneCare Super. You can apply for this cover by following the instructions in the OneCare Super PDS. If you elect to apply for insurance cover through OneCare Super at the time of leaving your Employer then Choose Your Own cover within ANZ Smart Choice Super is not available. For full terms and conditions about OneCare Super, refer to the OneCare Super PDS which is available at www.onepath. com.au/superandinvestments, from your financial adviser or by contacting Customer Services. You should consider the OneCare Super PDS in deciding whether to acquire, or continue to hold, OneCare Super. Underwriting criteria applies. Zurich Australia Limited is the insurer for OneCare Super. Target Market Determinations for OneCare Super can be obtained from www.onepath.com.au/products. The information in respect of OneCare Super has been prepared without taking into account your personal objectives, financial situation or needs and you should consider its appropriateness with regard to these factors before acting on it. You should obtain the OneCare Super PDS and consider it before making any decisions about whether to acquire OneCare Super. ADDITIONAL FEATURES If your Employer has selected additional features for your Employer Plan, these will be detailed in an `Additional features' section of the Appendix. You should be aware that in order to access some of these features, a time period within which to apply may be applicable. HOW TO MAKE A CLAIM In the event of a claim, the process has been made as easy as possible. For more information about making a claim: · contact Customer Services on 13 12 87 · email Customer Services at smartchoice@insigniafinancial.com.au · visit the ANZ website at www.anz.com/superclaims The Insurer requires you, your Employer or us to notify them in writing of any claim within the time limit specified in the Policy. Please refer to the Appendix for further details. If the Insurer does not receive notice in writing within the required time, the Insurer may reduce or refuse to pay the benefit to the extent its assessment of the claim is prejudiced. The Insurer will generally send us or your Employer claim forms as soon as reasonably possible after receiving notice of a claim. The sending of claim forms does not constitute an admission of liability in respect of any claim lodged. Claim forms must be completed as soon as it is reasonably practicable for you to do so. The Insurer generally asks for medical information and evidence to enable the claim to be assessed. If a claim is lodged, you may be required to be interviewed and attend medical and vocational assessments and rehabilitation and the Insurer may obtain information by surveillance. You, your Employer and we are also required to provide the Insurer with all information required in order to determine your eligibility for benefits. If you are residing or travelling overseas, in the event of a claim the Insurer may require you to return to Australia for medical treatment and assessment. The Insurer will not pay any costs relating to your return to Australia. Once we receive the proceeds from the Insurer these will be held in the superannuation environment, in the ANZ Smart Choice Cash investment option. If you would like to switch this amount to another investment option you can do so online via www.anz.com/smartchoiceaccess or by calling Customer Services. Upon meeting a condition of release, you will receive the benefit amount in accordance with the Fund's Trust Deed, adjusted positively or negatively, for investment earnings. DUTY TO TAKE REASONABLE CARE THE DUTY TO TAKE REASONABLE CARE When applying for insurance, you have a legal duty to take reasonable care not to make a misrepresentation to the Insurer. A misrepresentation is a false answer, an answer that is only partially true, or an answer which does not fairly reflect the truth. This duty also applies when extending or making changes to existing insurance, and reinstating insurance. When you apply for life insurance, the Insurer conducts a process called underwriting. It's how they decide whether they can cover you, and if so, on what terms and at what cost. The Insurer will ask questions they need to know the answers to. These will be about your personal circumstances, such as your health and medical history, occupation, income, lifestyle, pastimes, and current and past insurance. The information you give the Insurer in response to their questions is vital to their decision. IF YOU DO NOT MEET YOUR DUTY If you do not meet your legal duty, this can have serious impacts on your insurance. There are different remedies that may be available to the Insurer. These are set out in the Insurance Contracts Act 1984 (Cth). These are intended to put the Insurer in the position they would have been in if the duty had been met. Your cover could be avoided (treated as if it never existed), or its terms may be varied. This may also result in a claim being declined or a benefit being reduced. Please note that there may be circumstances where the Insurer later investigates whether the information given to them was true. For example, they may do this when a claim is made. Before the Insurer exercises any of these remedies, they will explain their reasons and what you can do if you disagree. The Insurer may apply these remedies separately to each type of cover that they consider could form a separate policy. GUIDANCE FOR ANSWERING THE INSURER'S QUESTIONS You are responsible for the information provided to the Insurer. When answering their questions, please: · Think carefully about each question before you answer. If you are unsure of the meaning of any question, please ask the Insurer before you respond. · Answer every question. · Answer truthfully, accurately and completely. If you are unsure about whether you should include information, please include it. · Review your application carefully before it is submitted. If someone else helped prepare your application 9 (for example, your financial adviser), please check every answer (and if necessary, make any corrections) before your application is submitted. CHANGES BEFORE YOUR COVER STARTS Before your cover starts, the Insurer may ask about any changes and you have the opportunity to answer their questions differently. As any changes might require further assessment or investigation, it could save time if you let the Insurer know about any changes when they happen. IF YOU NEED HELP It's important that you understand this information and the questions the Insurer asks. Please contact the Insurer or a person you trust (such as your financial adviser) and ask for help if you have difficulty understanding the process of buying insurance or answering any of their questions. If you're having difficulty due to a disability, understanding English or for any other reason, help is available and support will be provided if required. If you want, you can have a support person you trust with you while speaking with the Insurer. NOTIFYING THE INSURER If, after the cover starts, you think you may not have met your duty, please contact the Insurer immediately and they'll let you know whether it has any impact on the cover. INSURANCE RISKS As your Employer has included insurance as part of its superannuation arrangements, under ANZ Smart Choice Super, there are a number of insurance risks you should be aware of: · If the Insurance fees are not paid to the Insurer within the time limits under the Policy, the Insurer may cancel or terminate the insurance cover by written notice to the Trustee without notice to you. · Your insurance cover will not continue when you leave your Employer prior to 1 December 2023. · If you are transferred to another super fund or the Australian Taxation Office (ATO) as lost or unclaimed monies, your cover will cease (see the AIG for more details). · The amount or type of insurance cover selected by your Employer may not be sufficient to provide adequate insurance cover in the event of Injury or Illness. · Your Insurance fee or benefit may be adjusted if your age is mis-stated. · If your benefit is calculated using your salary while you are in the Employer Plan, we are reliant upon your Employer's notification of any salary changes. Where we are not notified of a change in salary and no additional Insurance fee is paid, in the event of a claim, the Insurer may pay a lower benefit based on the salary that was previously advised or salary at the last review date. · If you or your Employer do not disclose to the Insurer every matter that they know or could reasonably be expected to know, that would be relevant to the Insurer's decision whether to accept the risk of the insurance and if so, on what terms, the Insurer may avoid the contract within three years of entering into it. If you or your Employer's nondisclosure is fraudulent, the Insurer may avoid the contract at any time. Refer to the `Duty to take Reasonable Care' section within this guide for more details. · If you have been paid a TPD Benefit and have residual Death cover remaining you may wish to consider maintaining some money in your super account to keep the account active and to ensure there is sufficient balance to pay any insurance fees. · You may not be paid a benefit because an exclusion or restriction applies, based on your personal circumstances. · Insurance fees may increase over time. · The Trustee relies on information provided by your Employer about you at the time that you are admitted into ANZ Smart Choice Super, including the appropriate category of membership, as well as changes in your information over the course of your membership, for example changes in salary. Some of the information your Employer provides may determine your benefits according to your eligibility. Where any information is found to be inaccurate, the Trustee will not be responsible for the inaccuracy or any reliance on it. Inaccurate information may result in eligibility being denied or benefits being declined. You should check your insurance cover with your Employer to ensure your insurance accurately reflects your current employment details. 10 APPENDIX This Appendix forms part of the Insurance Guide dated 1 October 2023 for the Fluor Australia Retirement Benefit Plan. Types of cover available Death only Cover (including Terminal Illness), Death (including Terminal Illness) and Total and Permanent Disablement (TPD) Cover and Income Protection Cover (IP) Category descriptions / Insured Member Eligibility Death and TPD Cover: Categories 1 & 7: All Permanent Employees of the Employer (who are accumulation members). Income Protection Cover: All Permanent Employees of the Employer. Category 1: Employees of the Employer that have Default IP Cover with a Benefit Period of 2 years. Category 7: Employees of the Employer that have applied and been accepted for IP Cover to age 65 (subject to Employer approval). What is the Maximum Benefit Level? The maximum benefit for Death and TPD Cover is: · unlimited for Death Cover (subject to financial justification) · unlimited for Terminal Illness Cover (subject to financial justification) · $3 million for TPD Cover. The maximum Monthly Benefit for IP Cover is $30,000 per month. What is the Cover Expiry Age? Age 65. Default Cover What is the Benefit Design for Default Cover? Depending on your individual circumstances, Default cover may include: · Death Cover · Death and TPD Cover · Income Protection Cover. Benefit Design Death and TPD: Default Cover: 20% of Income × future years of service up to age 65. Future years of service is calculated as the complete years and days to age 65. Benefit Design Income Protection (IP): Default Cover: 75% of Pre-Disability Income · Waiting Period of 90 days · Benefit Period of 2 years (or to age 65 if earlier). Who is eligible for insurance cover? A person who: · meets the Insured Member Eligibility; and · is aged 15 or over, and under 65 when you join*; and · has an account balance of $6,000 or over*; will be provided with the Default Cover up to the Automatic Acceptance Limit (if any), from the first day the person meets the Insured Member Eligibility criteria (or on a later date as agreed to in writing by the Insurer). * You must provide an opt-in election if you are under 25 or with an account balance less than $6,000, unless you are covered by a PMIF exception. Refer to page 6 for further information regarding PMIF exceptions. 11 Automatic Acceptance conditions Automatic Acceptance Limit (AAL) for Default Cover Does Default Cover increase or decrease automatically? Where an Automatic Acceptance Limit (AAL) is applicable, underwriting procedures are simplified and, as a result, the applicable Type of Cover up to the lesser of the specified AAL and the Sum Insured will be granted at ordinary rates of premium and free of Evidence of Insurability requirements. Automatic Acceptance only applies to members who satisfy the Insured Member Eligibility and is subject to the following ongoing conditions: i. the member is less than age 65 at date of entry; ii. Meets PMIF thresholds*; iii. the Insured Member Eligibility ensures there is no ability for a person to choose to have a Type of Cover which is not consistent with the Benefit Design; iv. at least 75% of people who meet the Insured Member Eligibility are Insured Members; v. Insured Members join the Employer Plan on the date they first meet the Insured Member Eligibility; vi. the Sum Insured for each Insured Member is calculated in accordance with the Benefit Design; and vii. the Employer Plan is the default superannuation fund of the Employer; and in the case of TPD, Terminal Illness and/or IP cover: Evidence of Insurability will be required once the Sum Insured for an Insured Member exceeds the AAL and/or where Automatic Acceptance conditions are not met. All Insured Members accepted on standard terms will receive a Forward Underwriting Limit in accordance with the Insurer's rules. These rules may be altered from time to time. The Insurer reserves the right to change the Automatic Acceptance conditions and/or AAL at the end of the rate guarantee period, or upon lapse of the conditions in paragraphs (iii), (iv), (vi) and (vii) above. For members under 25 years old or with an account balance less than $6,000, Default cover starts: · when you provide an opt-in election, if we receive it within 120 days of you joining your Employer and your cover will commence from the date you commence employment. Cover will commence from the date of their election and will be restricted to New Events Cover until they are At Work for 30 consecutive days. A new application is required if the opt-in is received after 120 days. · the day PMIF thresholds* or an exception is met (no opt-in election is required). * When you turn 25 and your account balance is $6,000 or more. The amount of cover that applies to you without Evidence of Insurability. The AAL includes New Events Cover which applies when you are not At Work when first eligible to join the Employer Plan. Death and TPD Cover $750,000 IP Cover · Category 1 $10,000 per month · Category 7 Not applicable. Yes. Subject to the conditions outlined in `Automatic Acceptance conditions' above, the Sum Insured amount in respect of an Insured Member will automatically increase or decrease in line with the Benefit Design. Any automatic increase in the Sum Insured will occur up to the higher of the Automatic Acceptance Limit (AAL) and the Forward Underwriting Limit (FUL) but will be limited to a maximum increase of 25% in total within a given 12 month period. A minimum Sum Insured of $50,000 will apply to Insured Members with Death only Cover or Death and TPD Cover. Premiums will be adjusted to take into account the variation in the Sum Insured in respect of an Insured Member. 12 Voluntary Cover What types of Voluntary Insured Members can increase their Default Cover by applying for Voluntary Cover for: Cover can members apply for? · Death Cover · Death and TPD Cover · Income Protection Cover. All Voluntary Cover will be subject to the Insurer's acceptance following the provision of Evidence of Insurability as required by the Insurer. The Insurer reserves the right to offer modified acceptance terms or decline applications for Voluntary Cover. Underwriting will be required where the Sum Insured is contrary to the Benefit Design (formula driven benefit) or an amount requested is in excess of the Automatic Acceptance Limit. Where Evidence of Insurability is required because either: · the proposed amount of cover is in excess of the Automatic Acceptance Limit; or · the person is applying for Voluntary Cover (other than Life Stage cover), the Insurer's personal health statement is required to be completed in addition to the underwriting evidence. Where a member is underwritten and standard acceptance terms are not offered by the Insurer, alternate assessment terms will be offered wherever possible. If this is the case, the Insurer may: · apply a premium loading (e.g. + 50%) on the standard rates*; · apply an exclusion/s (e.g. spine, mental disorders, aviation); · defer the risk (e.g. one year, until after confinement, until after planned surgery); or · apply a combination of premium loadings and exclusions. If the Insurer is unable to offer any acceptance terms for insurance cover, the Insurer will decline the application for cover in writing. With respect to Income Protection Cover, a Benefit Period of to age 65 is only available on application and agreement by the Insurer (subject to Employer approval). * This loading will be recorded but not applied by the Insurer unless an Insured Member affects a Continuation Option, the cover being applied for is Voluntary Cover, or if there are less than 100 members in the Policy. When does an increase If an Insured Member applies for Voluntary Cover or any variation in cover and their application is in Voluntary Cover assessed and accepted by the Insurer, their cover, or variation in cover, will commence on the date commence? the Trustee notifies the Insured Member in writing. Is Interim Accident Cover available for Death, TPD and Income Protection Cover applications? Interim Accident Cover will be provided whilst a person is being underwritten, from the date the Insurer receives an application for the applicable Type of Cover, until the earlier of: · the Insurer either accepting or rejecting the application; · the person cancelling or withdrawing the application; · 90 days elapsing from the date the Insurer received the application; and · the Type of Cover would have otherwise ceased under the applicable Policy. A benefit will be paid in the event of Accidental Injury resulting in death, TPD and/or Disability under IP Cover. The maximum benefit amount in this case is the lesser of the Sum Insured applied for, and the amount set out in the table below: Cover type Death Total and Permanent Disablement Income Protection Maximum cover $1,500,000 $1,500,000 $15,000 per month The maximum Benefit Period for Interim Accident Cover for IP Cover will be the Benefit Period as stated in this Appendix. The benefit will not be payable if, during the Interim Accident Cover period, death or disability is caused directly or indirectly by: · engaging in any sport or pastime that the Insurer would not normally cover at standard rates or terms; and · any other events as stated under `Exclusions' in this Appendix. 13 Death Cover Is a Terminal Illness Yes. Benefit provided? What does Terminal Illness mean? Terminal Illness means the diagnosis of the Insured Member with an illness which in the opinion of two appropriate Medical Practitioners (with at least one of these being a specialist in the relevant area), approved by the Insurer, will result in the death of the Insured Member within 12 months of the diagnosis regardless of any treatment that may be undertaken. Where an Insured Member is diagnosed with a Terminal Illness, the maximum amount the Insurer will pay is equal to the Death Benefit. Will the payment of a TPD Benefit reduce the Death Benefit? Payment of the TPD Benefit will reduce the Death Cover Sum Insured for the Insured Member, by the amount of the payment made. The reduced Death Cover Sum Insured (if any) will be frozen at the Benefit Calculation Date and subsequently payable upon the death of the Insured Member prior to age 65 and subject to continued payment of Insurance fees for the reduced Sum Insured. TPD Cover What is the definition of TPD? (for members taking up new TPD Cover on or after 1 July 2014) Total and Permanent Disablement standard definition If an Insured Member is aged less than 65, a Permanent Employee and working, on average, a minimum of 15 hours or more in each and every normal working week for a period of at least three months immediately prior to the claim, the following Total and Permanent Disablement definition will apply. Unlikely to do your own occupation and/or a suited occupation ever again: The Insured Member is deemed to be totally and permanently disabled if, in the opinion of the Insurer, he or she has suffered a disability through injury or sickness, for which the Insured Member: i. has been prevented from performing any work, paid or unpaid, for an uninterrupted period of at least six consecutive months solely due to the same injury or sickness; and ii. is attending and following the advice of a Medical Practitioner and has undergone all reasonable and usual treatment including rehabilitation for the injury or sickness; and iii. after consideration of all the medical evidence and such other evidence as the Insurer may require, has become incapacitated to such an extent as to render him or her unlikely ever to be able to engage in his or her own occupation and any occupation for which he or she is reasonably suited by education, training and experience. Total and Permanent Disablement alternative definition If an Insured Member is working, on average, less than 15 hours in each and every normal working week for a period of at least three months immediately prior to the claim, or is aged 65 or over, the following Total and Permanent Disablement definition will apply. Total and Permanent Disablement shall mean: a. You are unable to look after yourself ever again: for a period of six consecutive months after the occurrence of the injury or sickness, is continuously, totally and permanently unable to perform at least two of the following activities of daily living as certified by a Medical Practitioner: Bathing: the ability to wash themselves either in the bath or shower or by sponge bath without the standby assistance of another person; Dressing: the ability to put on and take off all garments and medically necessary braces or artificial limbs usually worn, and to fasten and unfasten them without the standby assistance of another person; Eating: the ability to feed themselves once food has been prepared and made available, without the standby assistance of another person; Toileting: the ability to get to and from and on and off the toilet without the standby assistance of another person and the ability to manage bowel and bladder functions through the use of protective undergarments or surgical appliances, if appropriate; Transferring: the ability to move in and out of a chair without the standby assistance of another person; and b. You are unlikely to do your own occupation and/or a suited occupation ever again. The Insured Member is deemed to be totally and permanently disabled if after consideration of all the medical evidence and such other evidence as the Insurer may require, has become incapacitated to such an extent as to render him or her unlikely ever to be able to engage in his or her own occupation and any occupation for which he or she is reasonably suited by education, training and experience. 14 Does TPD Tapering Apply? TPD Tapering applies to Voluntary Cover only. The additional TPD Benefit under Voluntary cover will reduce by 20% each year after age 60 as set out below: Age Proportion of Sum Insured payable on TPD 60 100% 61 80% 62 60% 63 40% 64 20% 65 Nil Income Protection Cover Total Disability Benefit The Insurer will pay a Monthly Benefit in arrears when an Insured Member is totally disabled as a result of injury or illness. The Monthly Benefit is payable in accordance with the Benefit Design Income Protection, subject to the maximum Monthly Benefit, and if applicable, will be limited by the Automatic Acceptance Limit, accepted level of cover or Forward Underwriting Limit, less any Benefit Offset amounts. At the end of the Waiting Period, the Monthly Benefit will be paid each month in arrears during the period the Insured Member is entitled to be paid. For a part month, the Insurer will pay one-thirtieth of the Monthly Benefit for each of the days that the Insured Member is entitled to be paid. In respect of the Total Disability of any one Insured Member, the Total Disability Monthly Benefit will continue to be paid until the earliest of the events described in the `When do IP Benefit payments cease?' on page 17. What is the definition of Total Disability? Total Disability standard definition If an Insured Member is working, on average, a minimum of 15 hours or more in each and every normal working week for a period of at least three months immediately prior to the claim, the following Total Disability definition will apply: Disablement resulting solely from injury or sickness which occurs while the Policy is in place and current and as a result of which the Insured Member: i. is unable to perform one or more essential and substantial duties of his or her usual occupation, necessary to producing Income; and ii. remains under the regular care and attendance and is following the advice of a Medical Practitioner in relation to that injury or sickness; and iii. is not engaged in any occupation, whether paid or unpaid. Total Disability alternative definition If an Insured Member is working, on average, less than 15 hours in each and every normal working week for a period of at least three months immediately prior to the claim or is aged 65 or over, the following Total Disability definition will apply. Disablement resulting solely from injury or sickness which occurs while the Policy is in place and current and as a result of which the Insured Member: i. remains under the regular care and attendance and is following the advice of a Medical Practitioner in relation to that injury or sickness; and ii. is not engaged in any occupation, whether paid or unpaid; and iii. is continuously and totally unable to perform at least two of the following activities of daily living as certified by a Medical Practitioner: Bathing: the ability to wash themselves either in the bath or shower or by sponge bath without the standby assistance of another person; Dressing: the ability to put on and take off all garments and medically necessary braces or artificial limbs usually worn, and to fasten and unfasten them without the standby assistance of another person; Eating: the ability to feed themselves once food has been prepared and made available, without the standby assistance of another person; Toileting: the ability to get to and from and on and off the toilet without the standby assistance of another person and the ability to manage bowel and bladder functions through the use of protective undergarments or surgical appliances, if appropriate; Transferring: the ability to move in and out of a chair without the standby assistance of another person. 15 Partial Disability Benefit In the event that an Insured Member is Partially Disabled, a proportionate Monthly Benefit will be paid monthly in arrears. The proportional Monthly Benefit in relation to the Partial Disability is calculated in accordance with the following formula: (A B)×C A Where: A: is the Insured Member's Pre-Disability Income B: is the Insured Member's actual income earned during the month of Partial Disability C: is the Total Disability Monthly Benefit which would be otherwise payable if the Insured Member was totally disabled. For an Insured Member who is partially disabled, the Partial Disability Monthly Benefit will continue to be paid until the earliest of the events described in the `When do IP Benefit payments cease?' on page 17. What is the definition of Partial Disability? Partial Disability means immediately following a period of Total Disability of at least 14 consecutive days, and solely due to that same injury or sickness, the Insured Member, after the Waiting Period has been served: i. is unable to perform one or more of the essential and substantial duties of his or her usual occupation; and ii. is earning an Income from his or her usual or any occupation which is less than his or her PreDisability Income; and iii. remains under the regular care and attendance of a Medical Practitioner and is following the advice of that Medical Practitioner in relation to that injury or sickness. What is the Waiting Period? 90 Days. What Benefit is paid for Where an Insured Member is Totally Disabled because of more than one injury or sickness, or a Concurrent Disability? from both, whether related or not, only one Monthly Benefit will be payable for any one period of disablement. Death whilst on claim If an Insured Member dies while the Insurer is paying a Monthly Benefit for that Insured Member, an additional lump sum benefit equal to three Total Disability Monthly Benefit payments will be paid. Recurrent Disability Where a subsequent claim is made by an Insured Member arising from the same or related cause as an earlier claim for which the Insured Member was paid a Monthly Benefit, the subsequent claim will be: · treated as a separate claim (i.e. the Waiting Period will recommence and Benefit Period will be treated as though no previous claim had been submitted) if it occurred after the Insured Member returned to full-time paid employment and any payment of IP Benefits have ceased for at least 12 months, provided cover has not ceased under the Policy; or · deemed to be a continuation of the original claim if made within 12 months from the ceasing of payments from the earlier claim. A further Waiting Period will not apply in this case, however, the Benefit Period will be adjusted to take into account prior claim payments. Rehabilitation Expenses Where an Insured Member attends a rehabilitation program which incorporates a return to work plan approved by the Insurer, the cost of that program will be paid by the Insurer up to a maximum amount of six (6) Total Disability Monthly Benefit payments. Rehabilitation Expenses will relate to rehabilitation programs approved by the Insurer designed to rehabilitate the Insured Member to return to his or her pre-disablement occupation or retrain the Insured Member into another occupation. 16 Benefit Offset The Monthly Benefit payable to the Insured Member will be reduced by any amount which is paid, or required to be paid, under workers compensation, transport accident compensation, social security or similar legislation in relation to the injury or sickness of the Insured Member. The Monthly Benefit will also be reduced by any paid Income Protection benefits (or similar) from the Insurer or any other insurance company. Additionally, where an Insured Member receives continued remuneration from the Employer while being paid a Monthly Benefit (e.g. renewal commission) or paid sick leave, any such amounts will also be considered a Benefit Offset. Example of a Benefit reduction to your Income Protection Benefit calculation Jesse is currently not working due to an Injury and has an accepted Income Protection claim for which she is in receipt of a Total Disability benefit of $5,000 per month. Jesse's Injury was sustained at work so concurrently to her Income Protection claim, she is also in receipt of Workers' Compensation benefit payments for which she receives $3,000 per month. Based on this example, Jesse's Total Disability Benefit will be calculated as follows: $5,000 $3,000 = $2,000 per month. If any of the above payments are paid in the form of a commuted lump sum, the Insurer will convert these to an equivalent monthly payment deemed to be 1/60th of the lump sum payment and offset benefit entitlements by this equivalent monthly benefit for a period of sixty months from the date of the lump sum payment. Benefit Escalation For members of Category 7 in the event of a claim, the Monthly Benefit will be indexed annually each year by an agreed percentage. Escalation will apply following 12 continuous payments of either Total or Partial Disability benefits, measured from the date which benefits first commenced and each subsequent 12 months you are paid a Monthly Benefit. The escalation benefit is the lower of the Consumer Price Index (CPI) increase and 5% per annum. Benefit Escalation is only applied to IP cover with a Benefit Period of to age 65. When do IP Benefit payments cease? IP Benefit payments cease upon the earliest of the following events: · the date the Insured Member reaches the Cover Expiry Age (ie age 65); · the date the Insured Member dies; · the expiry of the Benefit Period or two years (if a casual or contract Employee); · the date the Insured Member no longer satisfies the Total Disability or Partial Disability definitions; and · the date the Insured Member (who is not an Australian permanent resident), is no longer permanently in Australia or eligible to work in Australia. Waiver of Insurance fees Whilst an Insured Member is being paid a Monthly Benefit, the Insurer will waive Insurance fees for IP (premiums) cover over the period they are entitled to be paid a Monthly Benefit. 17 When the Insurer won't pay Exclusions Death, Terminal Illness and Total and Permanent Disablement Cover No benefits are payable for Death and TPD Cover (or Death only, where applicable), which is caused wholly or partly, directly or indirectly by: a. declared war or any act of war; b. active service in the armed forces of any country or international organisation; c. in the case of Voluntary Death Cover, increase or reinstatement of cover, death by suicide within 13 months of commencing any Voluntary Cover, increase in Voluntary Cover or reinstatement of any cover; d. in the case of Voluntary TPD Cover, increase or reinstatement of cover (including Terminal Illness), any deliberate self-inflicted injury/sickness or attempted suicide or self-destruction while either sane or insane; or e. any other exclusions imposed by the insurer on the Insured Member. Income Protection No benefits are payable for IP Cover which is caused wholly or partly, directly or indirectly by: a. declared war or any act of war; b. active service in the armed forces of any country or international organisation; c. any deliberate self-inflicted injury or attempted suicide or self-destruction while either sane or insane; d. uncomplicated pregnancy, childbirth or miscarriage; or e. any other exclusions imposed by the Insurer on an Insured Member. Note: In the case of Insured Members who are enrolled in the Australian Army Reserve, the above exclusion (b) (in respect to Death only, Death and TPD Cover and IP Cover) is only applicable where the Insured Member has been called up for active service. Insurance fees (premiums) Insurance fees payable Insurance fees are paid or owed to the Insurer in respect of the insurance cover provided. See the Insurance Fee Schedule for details of the premium rates and how to calculate your annual Insurance fee. Where Insurance fees are remitted other than annually in advance, a 3% loading will apply to the Insurance fees quoted. The Insurer reserves the right to vary this loading at any time. When can the Insurer vary the Insurance fees and/or AAL? The Insurer may vary the amount of Insurance fees payable upon giving written notice to the Trustee at any time. The Insurer reserves the right to review and alter the premium rates where: · business activities (such as acquisition, takeover, merger activity) of the Employer results in unusual changes in the number of Insured Members, or · war or any act of invasion occurs (whether declared or undeclared) in which the Commonwealth of Australia's armed forces are involved or the country of residence (including temporary residence) of the member is involved. The insurer shall guarantee the quoted premium rates for a period of two years for Death and Total and Permanent Disablement and Income Protection cover from the Policy's commencement date provided: · the number of Insured Members does not fluctuate by more than 30% in any 12 month period; · no more than 10% of the Insured Members are outside of Australia; or · the Benefit Design does not change. If the number of Insured Members drops below 50 lives or the annual Insurance fee paid to the Insurer drops below $50,000 (excluding stamp duty), the Insurer may issue a written notice to terminate the Policy. The Insurer reserves the right to adjust the quoted Insurance fee (premium) amount at the commencement date of the Policy where the Insured Member's details at the commencement date differ from the details upon which the quotation is based. 18 When does cover cease? When does Death Cover Death and TPD Cover of an Insured Member under the Policy shall terminate on the earliest of the and TPD Cover cease? date: · an Insured Member reaches age 65; · a Death, Terminal Illness or TPD Benefit is paid in respect of the Insured Member#; · the Policy is terminated; · 60 days after the Insured Member ceases to be an Employee of the Employer (if Choose Your Own cover does not apply); · 60 days after the Insured Member ceases to meet the Insured Member Eligibility criteria; · 60 days after Insurance fee payments cease in respect of the Insured Member; · the Insurer accepts or declines the Insured Member's Continuation option application; · the Insured Member who is not an Australian permanent resident, is no longer permanently in Australia, or not eligible to work in Australia; and · 120 days after the last Employer superannuation guarantee contribution is paid by the Employer Plan; · we have not received a contribution or rollover into your account for a period of 16 consecutive months and you have not notified us that you want the cover to continue, unless an employersponsor contribution exception applies; and · the day your PMIF exception is no longer applicable. # Payment of the TPD benefit will reduce the Death Cover Sum Insured for the Insured Member, by the amount of the payment made. The reduced Death Cover amount Sum Insured (if any) will be frozen at the Benefit Calculation Date as specified in this Appendix and subsequently payable upon the death of the Insured Member prior to Age 65 and subject to continued payment of Insurance fees for the reduced Sum Insured. When does IP Cover cease? IP Cover of an Insured Member under the Policy shall terminate on the earliest of the date: · an Insured Member reaches age 65; · an Insured Member dies; · the Policy is terminated; · 60 days after the Insured Member ceases to be an Employee of the Employer (if Choose Your Own cover does not apply); · 60 days after the Insured Member ceases to meet the Insured Member Eligibility criteria; · 60 days after Insurance fee payments cease in respect of the Insured Member; · the Insurer accepts or declines the Insured Member's Continuation option application; · the Insured Member who is not an Australian permanent resident, is no longer permanently in Australia, or not eligible to work in Australia; · 120 days after the last Employer superannuation guarantee contribution is paid by the Employer Plan; · we have not received a contribution or rollover into your account for a period of 16 consecutive months and you have not notified us that you want the cover to continue, unless an employer-sponsor contribution exception applies; and · the day your PMIF exception is no longer applicable. What happens when an Employee leaves their Employer? Choose Your Own Cover If your Employer notifies us that you have left employment with them, your Default and Voluntary cover will be converted to a fixed amount of Choose Your Own cover within ANZ Smart Choice Super. The cover will be provided by Zurich Australia Limited, the insurer for Choose Your Own cover within ANZ Smart Choice Super. The cover amount will be equal to the amount of cover held on the date that you have left your Employer. Is Continuation Option Yes, for members that leave their Employer and choose not to receive Choose Your Own cover within available? ANZ Smart Choice Super. Not available if you cease to be a member of the Fund. 19 What are the conditions of the Continuation Option? A Continuation option is available for all of the Types of Cover available to this Employer Plan. However, a Continuation option is not available to Casual or Contract Employees. Any Insured Member who ceases to be eligible for the applicable Type of Cover as a result of ceasing to be an Employee of the Employer (for reasons other than for injury or sickness and prior to attaining age 60) will be entitled to apply for an individual Death only, Death and TPD, and/ or IP Cover policy with the Insurer. This application is without the requirement to provide medical evidence for an amount of cover up to the Sum Insured which applied to the Insured Member on the date immediately prior to cover ceasing. Such cover will be subject to the same Insurance fee loadings and exclusions as those imposed under the Policy and the terms and conditions (with the exception of minimum hours) applying to the Insurer's individual policies at that time. The individual IP policy will be annually renewable and the Sum Insured will be the lesser of 75% of the member's new monthly salary with their new employer and the Sum Insured at the date of the member's termination of employment with the Employer. The policy will be indemnity based which means that at claims stage the amount payable will be the lesser of the sum insured and 75% of the average monthly earnings for the 12 months immediately prior to the disability. The policy provided will be the Insurer's Priority Protection product, applicable at the time a Continuation option is issued. A person applying for a Continuation option must complete the Insurer's group insurance Continuation Application form (available upon request). The Continuation option application is then subject to the Insurer's underwriting approval which includes the following: 1.the Continuation option must be applied for within 60 days of leaving the service of the Employer; 2.the Insurer must receive a satisfactory Australian Citizen or Residency and Smoker declaration; 3.the person is not eligible to receive, or must have not previously been paid a benefit payment(s) under any Terminal Illness, TPD and/or IP disability policy or submitted a claim for benefits under any Terminal Illness, TPD and/or IP disability policy; and 4.the person being a permanent resident or citizen of Australia at the time of application for a Continuation option. And in the case of Total and Permanent Disablement and/or IP Cover: 1.the person being employed on a permanent basis for at least 15 hours per week, in an occupation acceptable to the Insurer at the time cover is to commence under the individual policy. If an Insured Member elects to exercise a Continuation Option then Choose Your Own cover within ANZ Smart Choice Super is not available. 20 Additional features Overseas Cover Life Stages flexibility Insured Members are provided with the applicable Type of Cover 24 hours a day seven days a week subject to the terms below. The applicable Type of Cover for Insured Members who are Australian Citizens or permanent residents and are also working outside of Australia for the Employer, is available for up to a maximum of four (4) years. The details regarding the whereabouts of Insured Members overseas must be provided to the Insurer when requested and in line with the provision of membership data. The applicable Type of Cover may be extended beyond four (4) years, for Insured Members who are Australian Citizens or permanent residents, provided a request to extend the Type of Cover, for a longer period, is made in writing to the Insurer prior to the expiry of the initial four (4) year period. In these circumstances, an Insurance fee loading, cover exclusion and/or restriction may be applied to the Type of Cover for the Insured Member. Insurance cover is subject to continuing remittance of Insurance fees whilst the Insured Member is overseas. Overseas Claims Assessment The Insurer reserves the right to require that a claimant returns to Australia (at the claimant's expense) for claim assessment and examination prior to payment of any benefit or continued payment in the case of IP Benefits. The Insurer may not pay benefits, or may cease to pay IP Benefits where a claimant does not return to Australia. Travelling or Holiday Overseas Where the Insured Member is travelling or holidaying outside of Australia, the applicable Type of Cover will continue without restriction. In the event of a claim, the Insured Member may be required to return to Australia (at the claimant's own expense) during the claims assessment process. Insurance cover is subject to continuing remittance of Insurance fees whilst overseas. Upon the occurrence of one of the Life Stage events listed below, Insured Members can apply to increase their Death and TPD Sum Insured without the usual requirement of providing Evidence of Insurability: · Marriage; · Birth or adoption of a child; · Divorce; · Child attaining 12 years of age; · Member attaining age 30; or · Mortgage*. * Effecting a mortgage on the purchase of a home or increasing an existing mortgage, for the purposes of building or renovation works, on the Insured Member's principal place of residence with a registered mortgage provider. The ability to exercise an increase in their Sum Insured under this `Life Stages flexibility' section is subject to the following: · Insured Members must be At Work on the date that the Insurer accepts the Life Stage application; · the Life Stage event must be in relation to the Insured Member; · relevant documentary proof of the event (e.g. Marriage Certificate, Birth/Adoption Certificate, Mortgage Documentation) must be provided for consideration to the Insurer within 60 days of the Life Stage event; · any increase in the Sum Insured is limited to the lesser of 25% of the existing Sum Insured and $200,000; · the existing Type of Cover for the Insured Member must have been accepted on standard terms, whether or not under Automatic Acceptance provisions, and the Insured Member not having previously been declined for life insurance cover with the Insurer or any other life insurance company; · the Insured Member must be under age 55 at the time of exercising this option; · the Insured Member must not have made a claim or be eligible to make a claim under the Policy or any other insurance policy on their life; · a maximum of one increase in the Sum Insured in any 12 month period with a maximum of three increases in the Sum Insured under the Policy in respect of the Insured Member; · suicide exclusions will apply to any Sum Insured increase for the first thirteen (13) months from the date the Insurer agrees to any increase in the Sum Insured; and · in respect to TPD Cover, a self- inflicted injury exclusion will apply to any Sum Insured increase for the first thirteen (13) months from the date the Insurer agrees to any increase in the Sum Insured. 21 Leave without pay Return to work during the Waiting Period (IP Cover only) General Claim Tax and imposts Where the Employer approves a bona fide period of leave without pay for an Insured Member (including maternity or paternity leave), and there is a documented `return to work' date prior to leave without pay commencing, the applicable Type of Cover will continue for a maximum twelve (12) months, provided Insurance fees continue to be paid. If the Insured Member does not return to work by the expected `return to work' date, the Type of Cover for the Insured Member will automatically cease 30 days after their expected `return to work' date, and any subsequent reinstatement will require Evidence of Insurability. The Insurer will determine the level of underwriting required based on individual circumstances. The Insured Member may apply to extend cover beyond 12 months and cover may be granted at the discretion of the Insurer. For members that either die or suffer a disability during a period of Leave Without Pay, the Sum Insured will be based on the level of Pre-Disability Income at the date immediately prior to the commencement of Leave Without Pay. If applicable, the Waiting Period will commence from the documented `return to work' date, subject to the Insured Member continuing to meet the applicable definition of TPD, Total or Partial Disability (as applicable) at the `return to work' date. An Insured Member is permitted to return to work for up to five (5) days during the Waiting Period without recommencing the Waiting Period. Where you do return to work during the Waiting Period for five consecutive days or less, the Waiting Period will be extended by the total number of days you had attempted to return to work. Where you return to work during the Waiting Period, for more than five consecutive days, the Waiting Period starts again. The Insurer should be notified of the death or disability of any Insured Member which gives rise to a claim, within a reasonable period of time of such occurrence. Once the Insurer has been notified of a claim, the Insurer will provide the necessary claim forms as soon as is reasonably possible. The Insurer maintains the right to fully investigate and assess any claims to its satisfaction prior to the settlement of a claim. In respect of TPD and IP disability claims that arise whilst an Insured Member is overseas, the Insurer reserves the right to require assessment or any medical examination to be conducted in Australia as part of its consideration of a claim. The claimant will be responsible to pay any costs associated with them returning to Australia for the claim assessment. If a claim arises during a period where no Insurance fees have been received by the Insurer but is nevertheless within the Grace Period, no Sum Insured in respect of such claim will be admitted until all Insurance fees owing are paid. The Insurer will pay to the Trustee the benefits calculated as per the Policy, immediately upon proof being given to the satisfaction of the Insurer of: · the happening of the events upon which such benefits are expressed in the Policy to become payable; · the identity of the Insured Member upon whose death, Terminal Illness or disability the Insurer is asked to make payment; and · the correctness of the age of that Insured Member. The Insurer must also have been paid the required Insurance fees (as determined by the terms and conditions set out in the Policy and subject to the general conditions in the Policy) before the Trustee is paid. Where the Insurer becomes liable for any tax or other imposts levied by any Commonwealth or State government, authority or body in connection with a Policy, the Insurer may reduce, vary or otherwise adjust any amounts (including but not limited to premiums, charges and benefits) under the Policy in the manner and to the extent the Insurer determines to be appropriate, to take account of the tax or impost. 22 DEFINITIONS Accident or Accidental Injury means a physical injury which occurs while the Policy is in place and current that is caused solely and directly by violent, visible, external and unexpected means that is not traceable, even indirectly, to any pre-existing mental or physical condition. At Work means: · the person is engaged in his or her normal duties, without limitation or restriction due to injury or sickness, and is working normal hours on the day cover is to commence; · the person is not restricted by sickness or injury from being capable of performing their full and normal duties on a full-time basis (for at least 30 hours per week) even though actual employment can be on a full-time, part-time, contract or casual basis; and · the person is not in receipt of and/or entitled to claim income support benefits from any source including workers compensation benefits, statutory transport accident benefits and disability income benefits. An Insured Member will be considered to be At Work, if on the applicable date, as the context requires, he or she is on Employer approved leave for reasons other than injury or sickness, and not taking into account the leave, is able to meet the At Work definition. Automatic Acceptance Limit (AAL) means the amount of cover that applies to an Insured Member without Evidence of Insurability. The AAL includes New Events Cover which applies when an Insured Member is not At Work when first eligible to join the Employer Plan. The AAL is set out in the Appendix. Benefit Calculation Date means the date at which the Sum insured will be measured at as follows: Death The Sum Insured applicable to the Insured Member at the last Renewal Date prior to the Insured Member's date of death. Terminal Illness The Sum Insured will be determined as the Death Benefit applicable to the Insured Member at the last Renewal Date prior to the Insured Member being certified as Terminally Ill. TPD The Sum Insured applicable to the Insured Member at the last Renewal Date prior to the first day of the six month period as described in the Total and Permanent Disablement definition. Benefit Design means the insurance benefit design as set out in the Appendix. This includes, but is not limited to, the Monthly Benefit, Waiting Period, Benefit Period, maximum Monthly Benefit, Benefit Escalation, Insured Member Eligibility, the definition of Income, Cover Expiry Age and standard benefits. Benefit Period (IP Cover) means the maximum period as set out in the Appendix for which the Monthly Benefit will be paid in respect of any one period of Total Disability, or where applicable, any one period of Total and Partial Disability. Cover Expiry Age means the age at which cover ceases as set out in the Appendix. Employee means a person engaged by the Employer under a contract of employment to undertake identifiable duties. Evidence of Insurability means such evidence of health and such other particulars of a person as the Insurer may require and which is supplied or caused to be supplied in respect of that person, to enable the Insurer to determine whether the person is to be accepted for insurance and the terms of such acceptance. Forward Forward Underwriting Limit (FUL) refers to the level at which an Insured Member's cover may increase Underwriting Limit to, in line with the Benefit Design, without the need for further Evidence of Insurability. Grace Period 30 days of grace shall be allowed for the payment of each Insurance fee. If a claim arises within that period, no Sum Insured amount will become payable in respect of such claim until the outstanding Insurance fee amount is paid to the Insurer in full. 23 Income (components of Income on which the Sum Insured is based upon) means: Death and TPD the total remuneration package paid by the Employer to the Insured Member including base salary but excluding any fees, commission, bonuses, overtime earnings, fringe benefits and employer mandated superannuation contributions. Income does not include Living Away From Home Allowances or similar income related to secondments for Insured Members who are 457 visa holders. Where the Insured Member has been seconded overseas for reasons of employment, the Insured Member's Income must be advised in Australian dollars. IP Cover the total remuneration package paid by the Employer to the Insured Member including salary, regular fees, regular commission, regular bonuses, regular overtime earnings, fringe benefits and employer mandated superannuation contributions. Income does not include irregular bonuses, irregular overtime earnings and unearned income such as investment or interest earnings. Bonuses, overtime earnings and commissions will be calculated based on the average of the last three years' bonuses, overtime earnings and commissions received by the Insured Member from the Employer. Income does not include Living Away From Home Allowances or similar income related to secondments for Insured Members who are 457 visa holders. Where the Insured Member has been seconded overseas for reasons of employment, the Insured Member's Income must be advised in Australian dollars. Insured Member means a person who meets the Insured Member Eligibility and is accepted by the Insurer for the applicable Type of Cover in accordance with the provisions of the Policy. Medical Practitioner means a legally qualified and registered doctor of medicine. It does not include the Employer, the Insured Member, an Employee of the Employer or the Insured Member's immediate family or business partner/s. Monthly Benefit 75% of Pre-Disability Income up to the maximum Monthly Benefit. New Events Cover means the Insured Member is only covered for claims arising from a sickness which became apparent or an injury which occurred on or after the date the Insured Member's cover commenced or most recently commenced under the Policy. Partial Disability means immediately following a period of Total Disability of at least 14 consecutive days, and solely due to that same injury or sickness, the Insured Member after the Waiting Period has been served: i. is unable to perform one or more of the essential and substantial duties of his or her usual occupation; and ii. is earning an Income from his or her usual or any occupation which is less than his or her Pre-Disability Income; and iii. remains under the regular care and attendance of a Medical Practitioner and is following the advice of that Medical Practitioner in relation to that injury or sickness. Permanent Employee means a person who is employed by the Employer to undertake identifiable duties for at least 15 hours per week and is paid sick and holiday leave entitlements. Policy means the group insurance Product Information Booklet, corresponding Policy Schedules, any riders or endorsements therein, any amendments thereto signed by the Insurer and provided to the Employer. Pre-Disability Income means the average gross monthly Income earned by the Insured Member over the 12 months immediately prior to the date of commencement of Total Disability. Renewal Date 1 July each year. Sum Insured The amount of insured benefit calculated in accordance with the Benefit Design. A minimum Sum Insured of $50,000 will apply to Insured Members with Death only Cover or Death and TPD Cover. 24 Type of Cover Voluntary Cover Waiting Period (IP Cover) Death and TPD Cover Insured Members will be eligible for the Type of Cover in accordance with the following table: Age criteria Hourly criteria Type of cover Between ages 1564 > or = 15 hours per week Death and standard TPD Between ages 1564 < 15 hours per week Death and alternative TPD Refer to the `What is the definition of TPD?' section of the Appendix for the definitions of standard and alternative TPD. Income Protection Cover Insured Members will be eligible for the Type of Cover in accordance with the following table: Age criteria Between ages 1564 Between ages 1564 Hourly criteria > or = 15 hours per week < 15 hours per week Type of cover standard Total Disability alternative Total Disability Refer to the `What is the definition of Total Disability?' section of the Appendix for the definitions of standard and alternative Total Disability. 457, 422 or 418 Visa Holders Subject to the hourly criteria in the tables above, Insured Members will be covered for Death and TPD and IP benefits where, in respect to IP, the Benefit Period will be limited to the Insured Member's legal eligibility to work in Australia. Casuals In order for Casual Employees to be eligible for cover, the Employer must be making Superannuation Guarantee (SG) payments in respect of the Casual Employee. Furthermore, the Casual Employee must have been working for the Employer for at least one (1) day in the previous three (3) months prior to the date of disability. Subject to the hourly criteria in the tables above, Insured Members will be covered for IP benefits where, in respect to IP, the Benefit Period will be limited to two (2) years and Pre-Disability Income from the Employer will be measured over the three (3) months immediately prior to date of disability. No Continuation option is available to Casual Employees. Contractors In order for Contract Employees to be eligible for cover, the Employer must be making Superannuation Guarantee (SG) payments in respect of the Contract Employee. Furthermore, the Contract Employee must have a contract of employment with the Employer of at least 12 months. Subject to the hourly criteria in the tables above, Insured Members will be covered for IP benefits where, in respect to IP, the Benefit Period will be limited to two (2) years and Pre-Disability Income from the Employer will be measured over the three (3) months immediately prior to date of disability. No Continuation option is available to Contract Employees. means the discretionary Type of Cover which an Insured Member elects as permitted by the Benefit Design and may be subject to underwriting and acceptance by the Insurer. Any increases in an Insured Member's Sum Insured for Voluntary `top-up' Cover will be subject to the Insurer's acceptance of Evidence of Insurability the extent of which is at the discretion of the Insurer. The Insurer reserves the right to offer modified terms or decline applications for increases in Voluntary Cover. Where an Insured Member is required to undergo underwriting as a result of their Sum Insured increasing above the AAL in accordance with the formula driven benefit, or as a result of the Insured Member joining outside of the Insured Member Eligibility, these scenarios are not considered Voluntary `top-up' Cover. means the number of continuous days, as set out in the Appendix, which must elapse before Monthly Benefits begin to accrue. The Waiting Period commences from the later of the following: · the date the Insured Member is first examined and certified by a Medical Practitioner as totally disabled in relation to an injury or sickness that gave rise to the claim; and · the date the Insured Member ceased work due to that injury or sickness. If an Insured Member consults a Medical Practitioner within seven (7) days of ceasing work due to the injury or sickness, then the Waiting Period will commence from the date the Insured Member ceased work. Please refer to `Return to Work during the Waiting Period' section in the Appendix for more information. 25 INSURANCE FEE SCHEDULE HOW TO CALCULATE YOUR ANNUAL INSURANCE FEE (PREMIUM) FOR DEATH ONLY OR DEATH AND TPD COVER The premium you pay for Death only or Death and TPD Cover is dependent upon your age (as at 1 July, or on the effective date of any change to your level of insurance cover), gender, Type of Cover, and amount of cover. The following formula shows how to calculate an annual premium using the premium rates based on your Age Next Birthday (ANB) from the table below. (ANB premium rate × Sum Insured) ÷ 1,000 = annual Insurance fee (premium) The cost of your insurance cover may differ to the premium rates shown in the table below as the rates that will apply to you may be affected by medical or other loadings applied by the Insurer and are indicative only. The premium rates shown are inclusive of any applicable taxes that may be charged (including stamp duty). For example: John has $300,000 of Default Death and TPD cover. John is 38 years old. His next birthday is on 1 May, at which time he will be 39. As John's Age Next Birthday is 39, the applicable Insurance fees for his cover will be: Death: $0.50 TPD: $0.33 As his level of cover is $300,000, the annual Insurance fee that he will pay is: [$300,000 × (0.50+0.33)] ÷ 1,000 = $249 Insurance Fee Table for Default Death only Cover and Death and TPD Cover Per $1,000 of Sum Insured Age Next Birthday 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Death Male Female 0.34 0.12 0.34 0.12 0.36 0.13 0.40 0.15 0.43 0.16 0.45 0.15 0.46 0.14 0.46 0.14 0.46 0.13 0.46 0.13 0.45 0.13 0.44 0.14 0.43 0.14 0.42 0.15 0.41 0.16 0.41 0.17 0.41 0.18 0.41 0.19 0.41 0.20 0.42 0.22 0.43 0.24 0.45 0.27 0.48 0.29 0.50 0.32 0.54 0.35 TPD Male Female 0.02 0.01 0.02 0.01 0.02 0.01 0.03 0.02 0.05 0.02 0.06 0.02 0.07 0.03 0.08 0.03 0.09 0.03 0.10 0.04 0.11 0.04 0.12 0.05 0.12 0.05 0.13 0.06 0.14 0.08 0.14 0.09 0.15 0.11 0.16 0.13 0.17 0.16 0.19 0.18 0.22 0.21 0.25 0.24 0.29 0.27 0.33 0.31 0.39 0.36 Age Next Birthday 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 Death Male Female 0.57 0.38 0.62 0.42 0.66 0.46 0.71 0.50 0.76 0.55 0.82 0.60 0.88 0.65 0.96 0.70 1.05 0.76 1.16 0.82 1.28 0.88 1.41 0.95 1.56 1.03 1.74 1.12 1.93 1.22 2.13 1.35 2.36 1.49 2.64 1.66 2.96 1.85 3.30 2.07 3.73 2.32 4.27 2.59 4.89 2.90 5.60 3.24 6.42 3.61 TPD Male Female 0.43 0.41 0.47 0.46 0.52 0.53 0.58 0.59 0.65 0.67 0.73 0.75 0.82 0.85 0.93 0.95 1.06 1.05 1.22 1.17 1.40 1.29 1.60 1.43 1.84 1.59 2.12 1.77 2.44 1.99 2.79 2.25 3.20 2.56 3.67 2.91 4.21 3.33 4.86 3.81 5.61 4.36 6.49 4.98 7.52 5.70 8.71 6.49 10.08 7.39 26 Insurance Fee Table for Voluntary Death only Cover and Death and TPD Cover Per $1,000 of Sum Insured Age Next Birthday 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Death Male Female 0.45 0.17 0.45 0.17 0.48 0.18 0.53 0.20 0.57 0.21 0.61 0.20 0.62 0.19 0.63 0.19 0.62 0.18 0.62 0.18 0.61 0.18 0.59 0.19 0.58 0.19 0.57 0.20 0.56 0.22 0.55 0.23 0.55 0.24 0.55 0.26 0.55 0.27 0.57 0.30 0.59 0.33 0.61 0.36 0.64 0.39 0.68 0.43 0.73 0.47 0.78 0.52 0.83 0.57 0.90 0.62 0.95 0.68 1.02 0.74 1.10 0.81 1.19 0.88 1.29 0.95 1.42 1.03 1.56 1.11 1.72 1.19 1.90 1.28 2.11 1.38 TPD Male Female 0.02 0.01 0.02 0.01 0.03 0.01 0.05 0.02 0.07 0.03 0.09 0.04 0.11 0.04 0.12 0.04 0.14 0.05 0.15 0.05 0.16 0.06 0.17 0.07 0.18 0.08 0.19 0.09 0.20 0.11 0.21 0.14 0.22 0.16 0.23 0.19 0.24 0.23 0.28 0.26 0.32 0.31 0.37 0.35 0.43 0.40 0.49 0.46 0.57 0.53 0.63 0.60 0.70 0.68 0.77 0.78 0.86 0.88 0.96 0.99 1.08 1.12 1.22 1.25 1.38 1.40 1.57 1.56 1.80 1.73 2.06 1.91 2.37 2.12 2.72 2.35 Age Next Birthday 54 55 56 57 58 59 60 61 62 63 64 65 Death Male Female 2.34 1.50 2.60 1.65 2.87 1.81 3.18 2.01 3.56 2.24 4.00 2.50 4.45 2.79 5.03 3.12 5.76 3.50 6.59 3.91 7.56 4.37 8.66 4.87 TPD Male Female 3.14 2.62 3.60 2.95 4.13 3.33 4.74 3.78 5.43 4.31 6.23 4.92 7.18 5.63 8.30 6.44 9.60 7.37 11.12 8.43 12.88 9.61 14.91 10.93 How to calculate your annual Insurance fee (premium) for Income Protection Cover The premium you pay for Income Protection cover is dependent upon your age (as at 1 July, or on the effective date of any change to your level of insurance cover), gender, Salary*, Waiting Period and Benefit Period you select. The following formula shows how to calculate an annual Insurance fee (premium) using the relevant premium rates from the table on the next page. Premium rate × (75% × Annual Salary) ÷ 100 = annual Insurance fee (premium) The cost of your insurance cover may differ to the premium rates shown in the table on the next page as the rates that will apply to you may be affected by medical or other loadings applied by the Insurer and are indicative only. The premium rates shown are inclusive of any applicable taxes that may be charged. * Refer to Income in the `Definitions' section for information on what constitutes your annual salary. For example: John's annual salary* is $100,000. John is 38 years old. His next Birthday is on 1 May, at which time he will be 39. The Benefit Design for John's Employer Plan is a 90 day Waiting Period and a 2 year Benefit Period. As John's Age Next birthday is 39, the applicable Insurance fee for his cover will be: ANB premium rate = 0.13 0.13 × (75% × 100,000) ÷ 100 = $97.50 The annual Insurance fee that he will pay is: $97.50 * Refer to Income in the `Definitions' section for information on what constitutes your annual salary. 27 Insurance Fee Table for Income Protection 90-Day Waiting Period/ 2-Year Benefit Period^ Per $100 of Annual Benefit Age Next Birthday 90 Day Wait Age Next Birthday Male Female 16 0.12 0.12 41 17 0.12 0.12 42 18 0.12 0.12 43 19 0.12 0.12 44 20 0.12 0.12 45 21 0.12 0.12 46 22 0.11 0.12 47 23 0.10 0.12 48 24 0.10 0.12 49 25 0.09 0.12 50 26 0.09 0.12 51 27 0.09 0.13 52 28 0.08 0.13 53 29 0.08 0.14 54 30 0.08 0.14 55 31 0.09 0.15 56 32 0.09 0.15 57 33 0.09 0.16 58 34 0.09 0.16 59 35 0.10 0.17 60 36 0.10 0.18 61 37 0.11 0.19 62 38 0.12 0.20 63 39 0.13 0.22 64 40 0.14 0.24 65 ^ Not subject to claims escalation. 90 Day Wait Male Female 0.15 0.26 0.16 0.29 0.18 0.31 0.20 0.35 0.22 0.38 0.24 0.42 0.27 0.47 0.30 0.51 0.33 0.56 0.37 0.62 0.42 0.68 0.47 0.74 0.53 0.81 0.59 0.88 0.66 0.96 0.74 1.04 0.83 1.12 0.93 1.20 1.04 1.29 1.16 1.38 1.30 1.47 1.44 1.56 1.60 1.64 1.29 1.28 0.42 0.41 28 Insurance Fee Table for Income Protection 90-Day Waiting Period/ to age 65 Benefit Period^ Per $100 of Annual Benefit Age Next Birthday 90 Day Wait Age Next Birthday Male Female 16 0.80 0.96 41 17 0.80 0.96 42 18 0.80 0.96 43 19 0.80 0.96 44 20 0.80 0.96 45 21 0.80 0.96 46 22 0.77 0.99 47 23 0.74 1.02 48 24 0.71 1.05 49 25 0.69 1.08 50 26 0.68 1.11 51 27 0.68 1.20 52 28 0.68 1.27 53 29 0.69 1.34 54 30 0.71 1.40 55 31 0.73 1.45 56 32 0.76 1.51 57 33 0.79 1.58 58 34 0.83 1.65 59 35 0.88 1.73 60 36 0.94 1.83 61 37 1.00 1.95 62 38 1.07 2.09 63 39 1.16 2.24 64 40 1.26 2.43 65 ^ Subject to claims escalation of the lower of CPI rate increase p.a and 5% p.a. 90 Day Wait Male 1.36 1.49 1.63 1.78 1.96 2.15 2.36 2.60 2.86 3.14 3.44 3.76 4.10 4.45 4.81 5.17 5.52 5.82 6.05 6.16 6.10 5.80 5.11 3.71 1.19 Female 2.64 2.87 3.13 3.41 3.72 4.05 4.39 4.75 5.12 5.48 5.85 6.20 6.53 6.83 7.09 7.30 7.43 7.46 7.35 7.10 6.66 5.98 4.99 3.49 1.10 29 Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. PLA 24834 (54820-IA3504) 1023 Customer Services: 13 12 87 weekdays between 8.30am and 6.30pm (AEST/AEDT) smartchoice@insigniafinancial.com.au www.anz.com/smartchoicesuper www.anz.com/smartchoicesuperAdobe PDF Library 17.0