Zurich Superannuation Plan Risk Products Enhancements

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Zurich Australia has announced a set of enhancements to the optional risk products available through its Zurich Superannuation Plan (ZSP).

The enhancements mainly surround the introduction of Superannuation versions of the Zurich’s Income Protection range, specifically:

  • Zurich Income Replacement Insurance Plus
  • Zurich Special Risk Income Replacement Insurance Plus

Zurich advises that the Optional Product Benefits written under superannuation (ZSP) differ from those normally available under the company’s Wealth Protection range because:

  • A ZSP can only include one life insured
  • Policy Owner is always ZSMF (as per Zurich Superannuation Term Life Insurance Plus)
  • There is no life risk management fee on ZSP
  • All premium rates are the same as for WP
  • Payment frequency is always monthly (deducted from the fund account)
  • Full choice of commission options is available
  • Loyalty Discounts now apply to WP and ZSP

The three main product differences under ZSP are that:

  • Only the Indemnity product is available to be written
  • The total benefit paid under the cover for any given month will be capped so that the amount paid in total does not exceed 100% of the claimant’s Pre-Disability Income
  • Sick leave can be offset

Enhanced lump sum product features have also been included in the new SPDS:

  • TPD cover can now exceed the amount of Death cover
  • The cover expiry age for Death cover and TPD cover has increased from age 75 to age 99
  • Optional Protection Benefits are now eligible for Loyalty Discounts when taken as new business after 15 August 2008 or when a trigger event occurs)

A copy of the Supplementary PDS can be found in the riskinfo Resource Centre.



1 COMMENT

  1. Sounds like a reasonable plan. Reach for the stars and if you only get to the moon that’s still a great job. I prefer a saying that I made up for my son. Add 10% to everything you do. Its achievable and then when you add 10% again it grows and grows. Over time big things grow. Simplified the message to “Keep doing your GST”

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