Insurance Guide Plum Super National Australia Bank Group Superannuation Fund A (Plan)
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Plum Super
National Australia Bank Group
Superannuation Fund A (Plan)
Insurance Guide
Preparation date Issued by the Trustee The Insurer The Fund
25 March 2019 NULIS Nominees (Australia) Limited Insurance is issued by MLC Limited MLC Super Fund
ABN 80 008 515 633 ABN 90 000 000 402 ABN 70 732 426 024
AFSL 236465 AFSL 230694This guide gives you information about the insurance
available through your super. A financial adviser can help
you decide if this insurance is right for you.
Or, you can assess if you have adequate insurance using
our free advice calculator, available when you log into
nabgsf.com.auContents
Your insurance in the National Australia Bank Group
The information in this
Superannuation Fund A (Plan) 4 Insurance Guide forms part
of the Product Disclosure
Death and TPD 6 Statement (PDS) dated
25 March 2019.
Together with the Investment
Temporary Disablement (Income Protection) cover 10 Menu and Fee Brochure,
these documents should be
considered before making a
Other things you need to know about insurance 14 final decision to invest. They
are available when you log in
to nabgsf.com.au.
Keeping your insurance when you leave your employer 16
Cost of insurance 18
Definitions 21
You can find specific details about the terms and conditions of your insurance in the NAB Group Superannuation Fund
Policy document. Some words in insurance have specific meanings such as ‘At Work’ and ‘Employed’. You can see more
about these terms in the Definitions section of this guide.
A copy of the policy document is available from customer service.
3Your insurance in the National Australia
Bank Group Superannuation Fund A (Plan)
We offer flexible insurance Types of cover Extra cover
in the Fund so you can NAB employee members NAB employee members can apply for
extra death and TPD cover or death
make sure you have the Standard cover only cover, in units of $50,000 up to a
cover that suits your needs. If you are employed on a permanent maximum of 20 units (total $1 million)
MLC Limited (MLC) is the Full Time (including part-time) or in addition to Standard death and
Insurer and we deduct a Fixed Term basis (NAB employee TPD cover.
members), you will automatically
premiums from your receive a level of Standard death, Total Ex-employee members
superannuation account to and Permanent Disablement (TPD) Ex-employee members will
pay them for your insurance and Temporary Disablement (Income automatically have any death and TPD
cover. We can change the Protection) cover when you join the cover transferred when eligible to join
Fund, subject to your eligibility. You the Ex-employee division (account
Insurer at any time if we can then choose to tailor your level of balance is $5,000 or more). This cover
believe this is in the best cover to suit your needs. remains at a fixed level but members
interest of members. Where you are eligible for Standard
can apply for Extra cover once they
have joined the Ex-employee division.
cover, the Insurer will provide automatic
Ex-employee members will be unable
acceptance for insured amounts set
to retain their Income Protection cover
out in the Death and TPD section of
in the Plan but can continue their
this Guide, including increases of that
cover with the Insurer in a personal
cover to reflect your salary increase(s).
policy (continuation option). Further
This means you do not have to provide
information is available in this Guide.
health evidence for Standard insurance
cover. Spouse members
Death only cover
Spouse members do not receive any
Standard cover but can apply for death
only cover of a fixed dollar amount.
Overriding insurance policy
Payment of an insured benefit is subject to the terms and conditions
of the applicable insurance policy.
This guide provides a summary of the main features of the insurance
policy covering the Fund. Other conditions may apply. This guide
should not be relied upon as a full and complete description of the
terms and conditions of the insurance cover.
Your benefit may be reduced if the Insurer refuses or restricts your
cover or does not pay out all or part of the insured benefit when a
claim is made.
Contact us on 1300 55 7586 for a copy of the Fund’s insurance policy.
4Making sure you’re Changing your cover
eligible for cover You can change or cancel your insurance cover at any time, simply complete the
If you are a NAB employee member, Application for insurance cover form available at nabgsf.com.au.
you are eligible for cover if you:
Insurance type Maximum cover
• are engaged in permanent Death
Full Time (including part-time)
NAB employee members Standard cover plus up to $1 million of Extra cover*
Employment or Fixed Term
Employment. If you are on Casual, Ex-employees The amount of cover you hold on the day you ceased
employment with NAB plus $1 million of Extra cover
Seasonal or Contract Employment
you are not eligible for any Spouse Unlimited
insurance cover TPD
• are under age 70 (for death and NAB employee members Standard cover plus up to $1 million of Extra cover*
TPD cover) or age 65 (for Income Ex-employees The amount of cover you hold on the day you ceased
Protection cover) employment with NAB plus $1 million of Extra cover
• are an Australian resident or are Income Protection
eligible to work in Australia, unless NAB employee members Standard cover
otherwise agreed by the Insurer
*Extra units of cover must be applied for in units of $50,000.
• become a member of the Fund
within 120 days of becoming an If you are a NAB employee or Ex-employee member applying for Extra cover
employee of NAB, and or a spouse member applying for or increasing your cover, acceptance of cover
will generally be subject to health evidence being provided to and accepted by
• are At Work performing normal
the Insurer. To provide health evidence you will need to complete the Personal
duties of your Occupation on the
Statement available at nabgsf.com.au or by contacting us on 1300 55 7586.
date you become eligible for cover.
If you are not At Work on this date If we need any further information from you we will let you know.
you will receive Limited Cover
If you cancel your cover your insurance will cease on the day we receive
until you have been At Work
your request.
for 60 consecutive days.
If you are a spouse or Ex-employee If you decrease or cancel your insurance cover and later change your mind,
member, you are eligible for death you can reinstate your insurance, but you will need to provide satisfactory
and TPD cover: health evidence.
• if you are under age 70 When will your insurance cover start?
• upon application and Any Standard insurance cover you are eligible for will commence from your first
acceptance by the Insurer day of employment or on the day you are first eligible for cover and may be
(for spouse members) subject to Limited cover as outlined in Making sure you’re eligible for cover.
• immediately on ceasing
If you apply to change your Standard cover or you apply for Extra cover, your new
to be employed by NAB and eligible
level of cover will commence from the date the Insurer accepts your application
to transfer to the Ex-employee
and premiums are payable from that date.
division (for Ex-employee
members). The Insurer may decline your insurance cover as a result of its assessment of the
health evidence you provide.
5Death and TPD
Death and TPD cover can NAB employee members Ex-employee members
help you and your family Standard death and TPD cover Ex-employee members will
remain financially secure if Standard death and TPD cover is automatically have any death and TPD
cover transferred when joining the Ex-
the unexpected happens. available to you through the Fund if
employee division. This cover remains
you are under age 70.
This cover provides a lump sum benefit at a fixed level and you can apply
Your standard death and TPD cover is for Extra cover once you have joined
to your beneficiaries or your legal
calculated as follows: the Ex-employee division. Further
personal representative if you die or
to you if you are diagnosed with a 17.5% x Fund Salary x Future Service information is available in this Guide.
Terminal Illness or suffer TPD. to age 60, subject to a minimum of
1 x Fund Salary that extends to age 70 Reduction of Standard
(TPD cover reduces by 10% pa from and Extra TPD cover
age 61) Your TPD cover will reduce after you
Fund Salary means your actual annual turn 61 to the following percentages
Total Remuneration Package as of your cover at age 60:
advised by NAB.
Age TPD cover
Future Service is the number of years amount
and complete months from the date of 60 100%
calculation to age 60.
61 90%
62 80%
Extra cover
63 70%
NAB employee members are eligible
to apply for Extra death and TPD cover. 64 60%
You can apply for Extra death and TPD 65 50%
cover up to the maximum cover as 66 40%
outlined in the Changing your cover
67 30%
section of this guide.
68 20%
69 10%
70 nil
Example of a death and TPD benefit John has applied for Extra death and
NAB Employee Members TPD cover of $100,000 (2 units), which
was accepted by the Insurer.
John is aged 40, (41 age next birthday).
His Fund Salary is $55,000 pa and his His total death and TPD benefit
account balance is $60,000. would be:
If John were to die or become Totally Standard cover $192,500
and Permanently Disabled, his insured Extra cover $100,000
component would be: Account $60,000
17.5% x $55,000 x 20 = $192,500 Death and TPD benefit $352,500
6Spouse members
Spouse members may apply for death
only cover. Spouse members will need
to indicate on the Spouse Account
Application form whether they require
death cover and the amount of cover
applied for. Underwriting is required
and a completed Personal Statement
form will need to be attached to the
Spouse Account Application form.
Spouse Members Ex-employee Members
(death only benefit) Frank left employment with NAB
Maria is aged 40, (41 age next in 2014. As his account balance of
birthday). She has applied for $5,000 or more, his benefit was
$100,000 of death cover which has transferred to the Ex-employee
been accepted by the Insurer and her division. At the time he ceased
account balance is $60,000. employment with NAB, he had
Standard and Extra death cover
Her total death benefit would be:
totalling $273,580 which he
Standard cover $100,000 will continue to have in the
Account $60,000 Ex-employee division.
Death benefit $160,000
7Death and TPD
Additional features of death and TPD insurance
Cover while If you are an Australian resident your cover will generally continue while you are overseas provided premiums
overseas continue to be paid.
Insurance You can apply to transfer your death and TPD insurance that you hold with another superannuation fund,
consolidation group insurer or retail policy into your NABGSF account subject to:
• a maximum of $2 million (inclusive of cover you already have), and
• the maximum benefit limits set out on page 5.
To transfer insurance, you must read, complete and sign the Transfer your insurance form available at
nabgsf.com.au and provide all the requested details.
Any exclusions, premium loading or special conditions which apply to the existing insurance will continue to
apply to the insurance offered under NABGSF.
Once the Insurer confirms acceptance of your Transfer of Insurance Application, you must cancel your existing
insurance within 60 days.
If you do not cancel you existing insurance, any benefit that is payable on the occurrence of an event under
the Policy (eg your death) will be reduced by any benefit that you are entitled to receive for the same event
under the existing insurance.
The Insurer won’t accept a Transfer of Insurance application if you are currently claiming or you are entitled to
claim on any other existing insurance or similar insurance policy.
For NAB employees members, transferred cover will be rounded to the nearest highest unit value of cover
(unit value = $50,000) subject to the maximum cover limit not being exceeded.
Interim Accident If you have an Accident and you die or suffer Total and Permanent Disablement while the Insurer is assessing
cover your application for Extra cover or Spouse cover, the Insurer will pay you a lump sum benefit equal to the
amount of death and TPD cover you’ve applied for, subject to a maximum of $1 million for death and TPD.
Interim Accident cover will commence from the date the Insurer receives a fully completed Personal Statement
and declaration of health from you. Interim Accident cover will cease on the earliest of 90 days from the date
the Insurer receives your fully completed application, the day your request for cover is withdrawn or cancelled,
approved or declined by the Insurer or you are no longer eligible for cover.
An Interim Accident benefit will not be payable if:
• the injury occurred prior to the date you became eligible for cover
• the injury is caused by your participation in hazardous pastimes or sports that would not be covered under
the Insurer’s normal assessment guidelines, or
• the cover applied for would have been declined or you claim for an event/condition excluded under the
Insurer’s normal assessment guidelines.
The Insurer will not pay more than one benefit for any one accident to any person.
Leave of Your death and TPD cover will continue up to 24 months if you take leave without pay (such as maternity or
absence study leave) provided:
• premiums continue to be paid
• prior to your leave, your employer has approved the period and any subsequent extension (not exceeding
24 months in total) of leave of absence in writing
• you don’t join the armed forces, and
• you remain an employee of your employer and a member of the Fund.
The Insurer may approve cover beyond this period. You should request an extension by writing to us at least
60 days before your cover is due to cease. Please do not assume your cover has been extended until you have
received written confirmation.
8Life events cover You may be able to apply for and increase in death and TPD cover without providing medical evidence, if you
are under 70 and you apply within 90 days of the following life events occurring:
Life event Document required
you have or adopt a child a certified copy of the birth certificate or adoption papers
you get married or divorced a certified copy of your marriage certificate or divorce papers
you complete your first undergraduate a certified copy of the degree qualification
degree at an Australian university
you have a child who starts a certified copy of the enrolment confirmation from the
secondary school secondary school
you take out a mortgage when you a certified copy of the loan documents from the mortgage lender,
purchase your principal residence including the amount of the drawdown loan
death of spouse a certified copy of the death certificate
home renovation on principal place letter from lender confirming the amount of the drawdown loan
of residence to cover the cost of renovation
you become a carer for the first time documentation from Centrelink
You can apply to increase your cover only once in any 12 month period and a maximum of three times in
total. The amount of additional cover for each event is limited to 25% of your existing benefit and $200,000,
whichever is greater. Life events cover must be applied for in $50,000 increments if you’re a NAB employee
member. A maximum of $1 million for all life event increases is applicable.
Cover is subject to proof of the event taking place being provided to and accepted by the Insurer.
To apply for life events cover you will need to complete the Increase Without Medical Evidence form available
at nabgsf.com.au or contact us on 1300 55 7586.
Terminal illness The Insurer may pay you your death benefit in advance if you are diagnosed with a Terminal Illness, subject to
benefit a maximum of $3 million.
Where you have an insured death benefit which is higher than $3 million, the difference between $3 million
and your insured amount will become your new death cover. Premiums will be required to be paid on the
reduced level of insurance cover.
9Temporary Disablement
(Income Protection) cover
Income Protection cover Standard Income Claiming Income
provides you with a Protection cover Protection
monthly income while you NAB employee members You are considered to be Totally
are Totally Disabled and Standard Income Protection cover is Disabled (and therefore eligible
to apply for an Income Protection
unable to work so you can available to you through the Fund
benefit) if the Insurer is satisfied that
if you are a Permanent Full Time
focus on getting better. Employee or Fixed Term Employee of because of injury or illness you are
NAB and you are under age 65. continuously:
Income Protection cover provides you • have been absent from
with a replacement monthly income of employment with the Employer
up to: through physical or mental
incapacity for three consecutive
75% x Fund Salary. months, and in the Insurer’s
No maximum benefit limit applies opinion after having regard to
to payments. This is paid monthly in such medical and other evidence
arrears while you are Totally Disabled as they may consider material
for up to a maximum period of two having regards to the relevant
years following the end of the waiting requirements, you have become
period. incapacitated to such an extent as
to render you unable for the time
Fund Salary is one-twelfth of your being to undertake your normal
annual Total Remuneration Package. duties with the Employer, and
Waiting period is the greater of: • if your cover first commenced after
30 June 2014, you must also have
• 90 days, and
satisfied a period of Temporary
• the date you have exhausted all Incapacity.
sick leave entitlements provided
by NAB, or such other prior date
When will benefits
as agreed by the Insurer.
be reduced?
Example of Income Protection Your Income Protection cover will be
benefit reduced proportionately by benefits
From our earlier example, John has a or other income which you might
fund salary of $55,000 pa. be entitled to from other sources
(whether or not that income was
If John were to become Totally
actually received), so that your total
Disabled, his insured benefit
benefit does not exceed 75% of your
(after the waiting period) would be:
Fund Salary. Any benefits you may be
75% x $55,000 = $41,250 pa entitled to from other sources such
($3,437.50 per month) as (but not limited to) other disability
benefits, workers compensation, or
less John’s applicable rate of pay as you
other compensation benefits will be
go (PAYG) tax.
considered when determining the
amount of your Income Protection
benefit.
10When do Income
Protection payments
cease?
If payable, your benefit will continue
until the earliest of the following:
• the date your disability ceases
• the date you turn 65
• benefit payments have been made
for a period of two years
• the date of your death
• you are no longer under the
regular and continuous care of a
Doctor, or
• you fail to provide us with all
requested information and other
evidence reasonably required to
assess your claim.
If you attempt to return to work during
the Waiting Period and:
• the return to work proves
unsuccessful due to the injury or
illness causing the Total Disability,
and
• the period of return to work is less
than five days in total within the
Waiting Period,
then the original Waiting Period will
continue and will be extended by the
number of days you returned to work
within the Waiting Period.
11Temporary
Disablement cover
Bereavement Payable on your death during receipt of an Income Protection benefit. This benefit will be paid as a lump sum
benefit amount equivalent to three times your monthly benefit from the date of your death.
Cover while Your cover will generally continue while you are overseas provided premiums continue to be paid.
overseas Your benefit will only be provided in full if you are continuously residing in Australia or one of the Approved
countries listed below. For other countries, Income Protection benefits will be paid for up to 12 months only,
unless and until you return to Australia or an Approved country.
Approved countries:
Hong Kong, New Zealand, Singapore, Japan, Switzerland, Belgium, Denmark, France, Germany, Italy,
Netherlands, Sweden, the United Kingdom, the United States of America, Canada, or any other country agreed
to by the Insurer in writing.
Interim accident If you are awaiting underwriting assessment prior to acceptance of your cover, you are covered for a benefit
cover for Income Protection (limited to the amount being applied for up to a maximum of $15,000 per month)
where disablement is caused by an Accident.
The Interim Accident Benefit will be the lesser of the Monthly Benefit being applied for, the Monthly Benefit
the Insurer would allow under their normal assessment guidelines and $15,000 per month.
The amount payable will be subject to:
• the terms and conditions of the policy
• the level of cover applicable to you
• a maximum amount up to $15,000 per month.
Leave of Your Income Protection cover will continue for up to 24 months if you commence a leave of absence (such as
absence maternity or study leave) provided:
• your employer has approved the period and any subsequent extension (not exceeding 24 months in total) of
leave of absence in writing prior to the period of leave
• immediately prior to commencing the period of leave you were ‘At Work’
• you remain employed by NAB and remain a member of the Fund
• premiums continue to be paid, and
• you do not joined the armed forces of any country (not including the Australian Army Reserve).
If you suffer a Total Disability whilst on such leave, the benefit will become payable from the later of:
• the end of the 60 day Waiting Period, or
• the nominated date of your return to work, which was approved by your employer.
The Insurer may approve cover beyond the 24 month leave of absence period. You can request an extension
by writing to us at least 60 days before the end of your initial 24 month period. Please do not assume your
cover has been extended until you have received written confirmation.
12Partial disability If you become Partially Disabled, you will be paid a Partial Disability Benefit. You may be considered Partially
benefit Disabled if, after your Waiting Period has ended and following a period of at least 14 days of Total Disability,
you are only capable of returning to work on a partial basis at reduced earnings.
Your partial benefit is calculated as follows:
A–BxC
A
where:
A is your earned monthly income, immediately prior to becoming Totally Disabled,
B is the actual monthly income earned by you during the month in which you became Partially Disabled
C is your insured month benefit.
You will need to be under the care of and following the advice for treatment from a doctor in relation to your
injury or illness.
This benefit will be payable for up to the maximum benefit of two years while you remain Partially Disabled or
until the date your monthly income earned equals or exceeds your monthly income immediately prior to total
Disability commences.
Recurrent If you were paid an Income Protection benefit and your disability from the same or a related illness or injury
disability recurs within six months of your return to full time work, the Insurer will waive your waiting period and treat
benefit your disability as a continuation of the original claim.
Rehabilitation Whilst you are suffering a Total and Partial Disability the Insurer may reimburse you where you incur expenses
expenses as a result of your participation in a rehabilitation program, to help you return to work.
benefit The maximum amount reimbursed is equal to 24 months times your monthly benefit less any amount that
can be claimed from other sources for those expenses. The Insurer must approve the rehabilitation program
in writing prior to commencement. Your Doctor must also approve the rehabilitation program. This benefit is
payable at the Insurer’s discretion.
Waiver Your premiums will be waived while you are in receipt of an Income Protection benefit.
premiums
13Other things you need
to know about insurance
When might you need to This may be in the form of a personal
medical statement and/or various
provide health evidence?
medical examinations as required.
You may, in certain circumstances, be The Insurer may decline your insurance
required to provide health evidence to cover as a result of this medical
the Insurer, including: evidence. Any application for cover or
• if you do not meet the eligibility increase in cover that is subject to the
terms or the terms of automatic acceptance of health evidence will only
acceptance take effect when the Insurer notifies
• if you apply for cover or apply to you that your application has been
increase your cover accepted.
• if your cover exceeds limits as
detailed in the group insurance Your sum insured could
policy be reduced or a benefit
• if your Fund Salary or sum insured declined by the Insurer if
increases by more than 30% in you provide inadequate
any 12 month period the amount medical evidence or false
in excess of 30% may be subject or misleading information
to provision of satisfactory health to the Insurer.
evidence
• if an Automatic Acceptance Limited
(AAL) does not apply Cessation of
• if your increase in cover exceeds insurance cover
the Forward Underwriting Level, Death, TPD and Income Protection
underwriting terms apply in cover ceases immediately under the
respect to the amount in excess insurance policy, on the earliest of
• if you do not comply with the the following:
terms of automatic acceptance,
• you reach age 70 for death and TPD
underwriting applies in respect of
and 65 for Income Protection cover
the total amount of cover and any
subsequent increases in cover • for Income Protection cover,
60 days after you cease to be
• if an increase in cover is other than
employed by NAB
as a result of the Policy’s agreed
benefit formula • the day you cease to be a member
of the Fund
• if you cease to be a member of the
Fund and then subsequently re-join • for death and TPD cover, the date a
the Fund and apply for cover. death or TPD benefit is paid to you
or a Terminal Illness Benefit is paid
We will advise you if health evidence to you which is not less than your
is required. death cover
14• the date of your death The Insurer aims to make the we may apply the following rights
• your account balance becomes claims process as simple, quick and separately to each type of cover.
insufficient to pay a premium efficient as possible, while treating
If you do not tell us anything you are
instalment all beneficiaries with respect and
required to, and we would not have
sympathy. If you would like more
• the day before you commence insured you if you had told us, we may
information about making a claim for
duty with the armed forces of avoid the policy within three years of
Income Protection benefit contact us
any country (not including the entering into it.
on 1300 55 7586.
Australian Army Reserve)
If we choose not avoid the policy, we
• the date a continuation option is Duty of disclosure may, at any time, reduce the amount
accepted by the Insurer you have been insured for. This would
When you apply for a life insurance
• the day after you continue to be on policy, you have a duty to tell us be worked out using a formula that
unpaid leave for a period in excess anything that you know, or could takes into account the premium that
of that allowed under the insurance reasonably be expected to know, may would have been payable if you had
policy (unless otherwise approved affect our decision to insure you and told us everything you should have.
by the Insurer) on what terms. However, if the policy provides cover
• you make a fraudulent claim on death, we may only exercise this
You have this duty until we agree to right within three years of entering
• the date that the Fund receives a insure you. into the policy.
request from you to cancel your
cover, and You have the same duty before you If we choose not to avoid the policy
extend, vary or reinstate the policy. or reduce the amount you have been
• any other terms under the group
insurance policy. You do not need to tell us anything insured for, we may, at any time vary
that: the policy in a way that places us in the
How to make a claim same position we would have been
• reduces the risk we insure you for, in if you had told us everything you
In the event of your death, if you are or
diagnosed with a Terminal Illness or if should have. However, this right does
• is common knowledge, or not apply if the policy provides cover
you become TPD or Partially or Totally
Disabled, you or a representative • we know or should know as an on death.
acting on your behalf should notify insurer, or If your failure to tell us is fraudulent,
the Trustee or the Insurer as soon as is • we waive your duty to tell us about. we may refuse to pay a claim and treat
reasonably practicable. the policy as if it never existed.
If someone other than you will be
The Insurer will generally send the the life insured under the policy, any
Trustee or your employer, or in the failure by that person to comply with
case of your death, your legal personal the above duty will be treated as
representative, claim forms once failure by you.
receiving notice of a potential claim.
If you request life insurance inside
You should complete your claim form
super, the Trustee obtains this
and respond to any requests by the
insurance from us in relation to you.
Insurer for medical information and
In this circumstance, we rely on the
evidence to enable your claim to be
disclosures that you or the Trustee
assessed. If a claim is lodged more
makes to us.
than two years after the date of your
injury, illness or death, the Insurer may If you do not tell us something
not be able to pay your claim. If you In exercising the following rights,
lodge a claim for a TPD benefit, you
we may consider whether different
may also be required to be interviewed
types of cover can constitute separate
and attend vocational assessments and
policies of life insurance. If they do,
rehabilitation.
15Keeping your insurance
when you leave your employer
When you leave your Automatic transfer of You can continue your
employer you can keep cover when you join the death and TPD cover, and/
your insurance cover Ex-employee division or Income Protection cover
by choosing one of the account under a personal policy
following options: Once NAB tells us you’re no longer with the Insurer
their employee, we’ll transfer your If you are under 60 years of age at
account to the Ex-employee division the date you cease being employed
together with your death and TPD by NAB, you may without providing
insurance cover if your account health evidence, transfer your
balance is $5,000 or more. insurance to a retail insurance policy
We will transfer the exact amount of held directly with the Insurer (this
cover that you hold at the time you option expires 60 days from when you
leave NAB and it will remain a fixed cease employment with NAB).
dollar amount in the ex-employee In order to continue your cover you
division. You can change these must ensure:
amounts at any time.
• you are under age 60
Your Income Protection cover will
• you are a permanent resident
cease unless you apply under a
of Australia
personal policy with the Insurer
(further information below). • you have not ceased employment
with NAB for reasons of
If your account balance is less disablement or ill health
than $5,000 at the time you cease
• you have not commenced duty in
employment, your death and TPD
the armed forces of any country
cover will cease 60 days after you cease
(not including the Australian Army
employment (if you haven’t already
Reserve)
closed your account and transferred
out of the Fund). Your benefit will then • for TPD and Income Protection
be transferred to the Trustee’s Eligible insurance, you must commence Full
Rollover Fund after 60 days if you Time Employment within 90 days of
do not provide alternative payment ceasing employment with NAB.
instructions to the Trustee.
16If you transfer your insurance to an
individual policy, any special terms
and conditions, including loadings or
exclusions that are in place, will also
be transferred to your individual policy
and the cover will be provided on the
rates that apply to individual policies.
These rates may be higher than the
premium that you pay under the NAB
Group insurance policy.
You cannot transfer your insurance if
you choose to leave the Fund but there
is no change to your employment or
if you have received or are eligible to
receive any disability benefits or similar
payments under any other policy.
Should you wish to discuss your cover,
please contact us on 1300 55 7586.
You should notify us of your
intention to take up a continuation
option at least 10 days prior to the
continuation option expiry date to
ensure there is sufficient time for
communication with the Insurer.
Further information about continuing
your cover can be found in materials
which will be supplied to you at the
time you leave your employment
with NAB.
17Cost of insurance
The premiums associated with Cost of death and TPD cover
standard and Extra cover are deducted
(Standard cover, Extra cover, spouse
monthly by equal instalments from
your account.
and Ex-employee cover)
This applies to:
Premiums are calculated using age-
based premium rates and will depend • Death and TPD for NAB Employee members
on the type and level of cover. The • Death only cover for Spouse members, and
actual premiums calculated for you • Standard Death and TPD cover for Ex-employee members.
may vary slightly due to rounding and
are inclusive of any statutory charges Annual premium per $1,000 sum insured
including stamp duty.
Age next Death ($) TPD ($) Age next Death ($) TPD ($)
Premium rates may be charged at any birthday birthday
time. We will provide you with at least 16 0.21 0.09 44 0.63 0.60
30 days’ notice of any increase in your 17 0.25 0.09 45 0.70 0.67
premiums.
18 0.30 0.10 46 0.78 0.75
19 0.33 0.10 47 0.86 0.84
20 0.36 0.11 48 0.95 0.95
21 0.39 0.11 49 1.03 1.08
22 0.39 0.10 50 1.12 1.23
23 0.39 0.10 51 1.22 1.40
24 0.39 0.10 52 1.32 1.61
25 0.39 0.11 53 1.44 1.84
26 0.35 0.11 54 1.56 2.07
27 0.35 0.13 55 1.69 2.35
28 0.34 0.15 56 1.84 2.67
29 0.34 0.15 57 1.98 3.02
30 0.34 0.16 58 2.14 3.43
31 0.34 0.17 59 2.37 3.74
32 0.34 0.18 60 2.62 4.08
33 0.34 0.19 61 2.90 4.45
34 0.34 0.22 62 3.19 4.85
35 0.35 0.25 63 3.52 5.28
36 0.36 0.27 64 3.84 5.88
37 0.38 0.31 65 4.20 6.57
38 0.39 0.34 66 4.57 7.57
39 0.41 0.38 67 4.99 8.72
40 0.44 0.41 68 5.45 10.04
41 0.49 0.44 69 6.04 11.56
42 0.52 0.49 70 6.69 13.28
43 0.57 0.54
18Cost of insurance
Cost of Income Protection cover
NAB Employee members
Annual premium per $1,000 of annual benefit
Age next Standard cover ($) Age next Standard cover ($)
birthday birthday
Waiting period* Waiting period*
Benefit period: Benefit period:
2 years 2 years
16 1.32 41 2.09
17 1.32 42 2.31
18 1.32 43 2.55
19 1.32 44 2.83
20 1.32 45 3.15
21 1.34 46 3.52
22 1.35 47 3.92
23 1.35 48 4.39
24 1.36 49 4.93
25 1.37 50 5.52
26 1.30 51 6.18
27 1.24 52 6.93
28 1.20 53 8.12
29 1.18 54 9.49
30 1.17 55 11.06
31 1.17 56 12.88
32 1.18 57 14.95
33 1.21 58 17.33
34 1.25 59 20.07
35 1.32 60 23.18
36 1.41 61 26.74
37 1.49 62 30.77
38 1.61 63 23.26
39 1.75 64 12.94
40 1.92 65 2.62
* Waiting period is the greater of:
• 90 days, and
• The date you have exhausted all sick leave entitlements provided by NAB,
or such other period as agreed to by the Insurer.
19Example of premiums
NAB Employee members Standard
cover
In our earlier example John, aged 40
(41 next birthday) had Standard death
and TPD insurance cover of
$192,500.
John’s premium would be
calculated as follows:
Standard death and TPD premiums:
($192,500÷$1,000)x(0.49+ 0.44)
= $179.02 per annum
($14.92 per month)
Extra cover
In our earlier example John, aged 40
(41 next birthday) was accepted for
Extra death and TPD cover of
$100,000 (2 units).
John’s premium would be deducted
from his account and is calculated as
follows:
($100,000 ÷ $1,000) x
(0.49 + 0.44)
= $93 per annum
($7.75 per month)
Income Protection
In our earlier example, John’s Fund
Salary was $55,000 and he was
entitled to an Income Protection
benefit of $41,250 with a waiting
period greater of 90 days or the date
you have exhausted all sick leave
entitlements provided by NAB, or
such other period as agreed to by the
Insurer, two year benefit period.
John’s premium would be
calculated as follows:
($41,250 ÷ $1,000) x 2.09
= $86.21 per annum
($7.18 per month)
20Definitions
You can find the specific Accident Doctor
details about the terms Means an event where bodily injury is Means a registered medical
caused directly and solely by external practitioner who is acceptable to
and conditions of your
and visible means, independently of all the Insurer and who is not you, your
insurance in the NAB Group other causes. spouse, your family member, your
Superannuation Fund policy business partner, your employee or
At Work
document. employer.
Means you are At Work for the normal
daily hours of work and are actively Fixed Term Employment/Fixed Term
performing the full, unrestricted or Employee
unmodified duties of your normal Means you are employed for
Occupation for which you were a fixed period of employment
employed or would have been had the determined at the commencement
day not been a day of leave (other than of your employment and where
due to Illness or injury), public holiday you are in receipt of leave, sick
or weekend day. leave, superannuation and other
entitlements normally associated with
Australian Resident Full Time Employment.
Means you:
Full Time Employment/Full Time
• have always lived in Australia or Employee
have come to Australia to live, and Means engaged in permanent
• are eligible to work in Australia. employment for the standard
number of work hours (including
Casual Employment
permanent part-time employment)
Means you are engaged in where NAB guarantees continuity
employment of a temporary nature of employment and you receive
where continuity of employment is entitlements normally associated
not guaranteed by NAB, regardless with permanent employment.
of hours worked or the period of
employment. Illness
Means a sickness, disease or medical
Date of claim disorder.
Means:
Important Duties
a. for death claim, or Interim Accident
Means the duties of your Occupation
Benefit, the date of your death
which is essential in producing a
b. for TPD, Partial and Permanent salary.
Disability or Income Protections
Insured Member
claim, the date that you last worked
prior to your disability Means an Eligible Person who has
been accepted by MLC for inclusion
c. for a Terminal Illness claim, the under and, in accordance with, the
date the Insurer receives medical provisions of the Policy.
information supporting the view
that your life expectancy has been
reduced to less than 24 months.
21Limited cover Partial Permanent Disablement Total Disability or Totally Disabled
Means you are only covered for claims
(PPD) (death and TPD) (Income Protection)
arising from: Means you have been absent from You have been absent from
employment with NAB through employment with NAB through
• an illness that first became physical or mental incapacity for six physical or mental incapacity for
apparent, or consecutive months (or such lesser three consecutive months and in the
• an injury which first occurred, period as in the circumstances the Insurer’s opinion after having regard to
on or after the date you first became Insurer considers appropriate) and such medical and other evidence they
eligible for cover. in the Insurer’s opinion after having may consider material having regard
regard to such medical and other to the relevant requirements, you
Monthly Income evidence as they may consider have become incapacitated to such an
(Income Protection) material, have become incapacitated extent as to render you unable for the
Means one-twelfth of your Fund to such an extent as to render you time being to undertake your normal
Salary, defined as your actual annual unable to undertake your normal duties with NAB.
Total Remuneration Package derived duties with NAB or any other duties
from your Occupation and as advised with NAB which you are qualified by
to the Insurer. education, training or experience.
Own Occupation Regular
(Income Protection)
Means the period of continuous work
Means the normal occupation in which history as measured over the three
you are employed immediately prior to month period immediately prior to
becoming Totally Disabled. your Date of Claim.
Partially Disabled Seasonal or Contract Employment
(Income Protection)
Means you are not in Casual
Means that immediately following a
Employment or Fixed Term
period of at least 14 consecutive days
Employment but you are employed
of Total Disability and as direct result or contracted in your own name or
of injury or illness which caused the
in your business name or through an
Total Disability, you have returned agency, to complete a specific job and
to work on your own or another
without guarantee of continuity of
Occupation and you are: employment, irrespective of the hours
• continuously unable to perform worked or the period of employment.
the important duties of your Own
Terminal Illness
Occupation, and (death and TPD)
• earning less than your Monthly Means you suffer an Illness or injury
Income prior to Total Disability, which in the Insurer’s opinion, after
and under the continuous care and consideration of medical evidence,
following the advice for treatment would reasonably be expected to
of a Doctor in relation to that reduce your life expectancy to less
Illness or injury. than 24 months. The reduced life
expectancy must occur while you are
covered by the Policy.
22Definitions
TPD
Means Total and Permanent Disablement as defined below. The definition(s)
applicable to this Policy are:
If you are employed Definition of TPD
If you are aged less than 65 You have been absent from your Occupation solely
through injury or illness for six consecutive months
and you are incapacitated to such an extent that, in
the Insurer’s opinion, after consideration of medical
and other relevant evidence, at the end of the period
of six consecutive months absence from employment
you are unlikely to ever engage in or work for reward in
any occupation for which you are reasonably suited by
education, training or experience.
If you are aged less than 70 You have been absent from your Occupation solely
through injury or Illness for six consecutive months
and you are incapacitated to such an extent that, in the
Insurer’s opinion after consideration of medical and
other relevant evidence, at the end of the period of six
consecutive months absence from employment, you are
unlikely to ever be able to perform at least two of the
Activities of Daily Living without the physical help of
someone else. Activities of Daily Living means:
• Bathing and/or showering, or
• Dressing, or
• Moving from place to place including in and out of
bed and in and out of a chair, or
• Eating or drinking, or
• Using the toilet.
23Contact us For more information visit nabgsf.com.au or call us from anywhere in Australia on 1300 557 586, between 8am and 7pm AEST (8pm daylight savings time) Monday to Friday. Postal address Plum Super GPO Box 63 Melbourne VIC 3001 Registered office Ground Floor, MLC Building 105-153 Miller Street North Sydney NSW 2060 NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465. Part of the National Australia Bank Group of Companies. An investment with NULIS Nominees (Australia) Limited is not a deposit or liability of, and is not guaranteed by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 (NAB). NAB does not guarantee or otherwise accept any liability in respect of this product. PLUM0159M0319 A119998-0319
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