Great Transfer Terms

You can apply for your existing cover to be transferred to the SMSF Master Plan up to the following limits:

• $2 million for Death only or Death and TPD cover
• $20,000 per month for Income Protection cover

You will need to refer to the exact wording in the product disclosure statement, but here is a summary of the takeover terms. The underwriting insurer, AIA Australia, will agree to provide individual transfer terms for Life, Total & Permanent Disability and Income protection if the following circumstances:

• The Waiting Period (WP) and Benefit Period (BP) of your current insurance cover will be matched to an equivalent WP and BP in the SMSF Master Insurance Plan offer. If the WP of your existing insurance cover cannot be matched exactly, the new WP will be rounded up to the next longest WP offered in the SMSF Master Insurance Plan offer, e.g. a 45 day WP will be rounded up to a 60 day WP. For BP, a life insured will receive the equivalent of their current BP, or if not available in the SMSF Master Insurance Plan, the lesser BP offered in the SMSF Master Insurance Plan.
• The level of cover provided under a new SMSF Master Plan policy matched to the level of cover currently held through the existing insurer and only where the existing insurer’s acceptance terms were less than or equal to +100% extra mortality or two exclusions for Death/TPD and Income Protection cover.
• For Death/TPD and Income Protection cover, if an exclusion is transferred from your current fund/insurer, the exclusion wording of AIA Australia will apply.
• The person insured has not received nor is eligible for a TPD payout or Income Protection benefit from another insurance policy or arrangement.
• The person insured is aged less than 65 years of age.
• The person insured is not terminally ill with a life expectancy of less than 12 months.
• The person insured is gainfully employed and physically capable of undertaking gainful employment for at least 30 hours per week.
• The person insured must meet the eligibility criteria for insurance cover as set out in the product disclosure statement (PDS).
• The person insured does not continue the cover under another insurance arrangement, i.e, you need to cancel the old policy.
• The person insured will need to provide a copy of an up-to-date statement, letter or email produced by their current fund/insurer dated within the last 30 days, as evidence of cover currently held with the current fund/insurer. i.e. you need to be able to prove your existing level of cover, so that AIA Australia can effectively take it over.
• The new replacement cover will not commence in the SMSF Master Insurance Plan until the later of:
  • AIA Australia accepting the application, and
  • the existing insurance cover with the current fund/insurer being cancelled.
• Occupational classifications will be based on the classifications used by the SMSF Master Insurance Plan.
• Ratings and premiums may change to adapt to AIA Australia’s ratings and premiums.
• You will need to complete this Individual Insurance Transfer form to AIA Australia’s satisfaction.