Insurance Guide Plum Super National Australia Bank Group Superannuation Fund A (Plan)

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Insurance Guide Plum Super National Australia Bank Group Superannuation Fund A (Plan)
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 230694
This 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.au
Contents

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.

                                                                                                                           3
Your 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.

4
Making 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.

                                                                                                                                    5
Death 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

6
Spouse 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

                                                                                        7
Death 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.

8
Life 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.

                                                                                                                                     9
Temporary 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.

10
When 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.

                                            11
Temporary
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.

12
Partial 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

                                                                                                                                       13
Other 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.

                                                                                                                               15
Keeping 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.

16
If 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.

                                             17
Cost 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

18
Cost 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.

                                                                                                      19
Example 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)

20
Definitions

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.

                                                                                                                21
Limited 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.

22
Definitions

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.

                                                                                           23
Contact 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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