Telstra Super has announced yet another round of insurance enhancements as it aims to position itself among the best in the industry.
This will be the seventh enhancement the fund has negotiated with its group insurer, Tower, this financial year, and will complete the fund’s 12-month implementation of insurance improvements.
Among the improvements are a reduction in income protection premiums of up to 40 per cent for eligible Telstra Super Corporate Plus members, while base death and total and permanent disability (TPD) premiums have been reduced by up to 25 per cent.
Some Sensis Super Plus members will also enjoy a reduction of up to 40 per cent on base death and TPD premiums, as well as income protection premiums.
The levels of overall automatic income protection, terminal illness, base death and TPD cover have also increased substantially for the majority of members.
Telstra Super chief executive Martin Crowe said the latest enhancements positioned Telstra Super’s insurance offering among the best in the industry.
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.