SMSFinsurance.com.au, Australian Group Insurances Pty Ltd (AGI) and AIA Australia Limited each perform a different role in making the SMSF Master Insurance Plan available to eligible SMSF trustees and members.
Understanding these roles helps you know who provides general information, who handles quotations and applications, who administers the Plan, and who is responsible for underwriting and issuing the insurance cover.
The relationship at a glance
| Party | Role | What this means for you |
|---|---|---|
| SMSFinsurance.com.au | Marketing brand, information website and referral service operated by 1300 Group Pty Ltd | Provides general educational content about SMSF insurance and refers interested visitors to AGI’s online quotation and application platform. It does not issue, underwrite or administer the insurance cover. |
| Australian Group Insurances Pty Ltd (AGI) | Policy Owner, Administrator and distributor of the SMSF Master Insurance Plan | Operates the online quotation and application facility, assists applicants with quotations and applications, and manages the day-to-day administration of the Plan. |
| AIA Australia Limited | Product issuer and underwriting insurer | Issues the master insurance policies to AGI, assesses applications and underwriting information, decides whether cover will be offered and on what terms, and is the insurer responsible for benefits payable under accepted cover. |
The role of SMSFinsurance.com.au
SMSFinsurance.com.au is a marketing brand and online information hub operated by 1300 Group Pty Ltd ABN 83 126 093 696.
Our role is to help SMSF trustees and members understand the insurance options that may be available through an SMSF. We publish general information about matters such as life insurance, total and permanent disablement insurance, income protection and the operation of insurance inside superannuation.
SMSFinsurance.com.au is not the insurer, product issuer, Policy Owner or Administrator of the SMSF Master Insurance Plan.
We do not:
- make underwriting decisions;
- accept or decline insurance applications;
- issue Policy Insurance Certificates;
- determine insurance claims; or
- provide personal financial advice.
When you select Get a Quote, you leave SMSFinsurance.com.au and are referred to AGI’s website at agismsf.com.au. The quotation and application process is then conducted through AGI’s online facility.
Information published on SMSFinsurance.com.au is general information only. The official Product Disclosure Statement, Target Market Determination, Policy terms and documents issued by AGI or AIA Australia govern the insurance product and should be read before applying.
The role of Australian Group Insurances
Australian Group Insurances Pty Ltd ABN 97 140 572 434, AFSL 379565 is the Policy Owner and Administrator of the SMSF Master Insurance Plan. AGI also distributes the Plan under its Australian Financial Services Licence.
The master insurance policies are issued by AIA Australia to AGI as Policy Owner. AGI is responsible for the day-to-day operation and administration of the Plan, including maintaining insured-member records, collecting premiums and administering benefit payments.
AGI operates the online facility used to:
- produce an insurance quotation;
- collect quote and application information;
- assist applicants through the application process;
- provide Policy Insurance Certificates after an application has been accepted;
- manage ongoing policy enquiries and administration; and
- provide claim forms and coordinate the initial claims process.
Obtaining a quotation does not mean that insurance cover has been issued or accepted. Cover is subject to eligibility requirements, the applicable Policy terms and acceptance by AIA Australia.
The role of AIA Australia
AIA Australia Limited ABN 79 004 837 861, AFSL 230043 is the product issuer and underwriting insurer of the SMSF Master Insurance Plan.
AIA Australia issues the master superannuation and non-superannuation insurance policies to AGI.
As the insurer, AIA Australia:
- sets the Policy terms, conditions and underwriting requirements;
- assesses health, occupation, income, lifestyle and other information required for underwriting;
- decides whether an application will be accepted, declined or offered on modified terms;
- determines the premium and any exclusions, loadings or special conditions that apply;
- assesses claims under the Policy; and
- is responsible for paying insured benefits for valid claims in accordance with the Policy terms.
AIA Australia is part of the AIA Group, a major international life insurance group incorporated and headquartered in Hong Kong, with operations across the Asia-Pacific region.
How the process works
1. Research and general information
You can use SMSFinsurance.com.au to learn about SMSF insurance and the types of cover that may be available.
The information on our website is general and does not take account of your personal objectives, financial situation or needs.
2. Obtain a quotation
When you select a quote link, you are transferred to AGI’s online facility.
AGI provides the quotation and collects the information needed to begin an application.
3. Complete an application
Your application is completed through AGI’s platform.
Depending on the type and amount of cover requested, you may be asked to provide health, medical, occupation, income, residency, lifestyle or other underwriting information.
4. Underwriting and acceptance
AIA Australia assesses the application as the underwriting insurer.
A quotation is not a guarantee that cover will be offered. Cover only commences when AIA Australia accepts the application, subject to the terms communicated to the applicant.
5. Policy administration
After acceptance, AGI provides the relevant Policy Insurance Certificate and manages the day-to-day administration of the cover under the Plan.
6. Claims
An event that may give rise to a claim should be notified to AGI.
AGI provides the required claim forms and coordinates the necessary documentation. AIA Australia assesses the claim as insurer in accordance with the Policy terms.
Who handles your personal information?
Personal information submitted directly through the SMSFinsurance.com.au contact form is handled by 1300 Group Pty Ltd in accordance with the SMSF Insurance Privacy Policy.
When you enter information on AGI’s quotation or application platform, that information is collected and handled by AGI, AIA Australia and their service providers under their respective privacy notices. This may include sensitive health and medical information required for underwriting.
Please do not submit medical information, identity documents, tax file numbers, banking details or other sensitive application information through the general SMSFinsurance.com.au contact form.
Important product information
The information on this page is intended to explain the respective roles of the parties. It is not a summary of all product terms and does not constitute personal financial, tax, legal or superannuation advice.
Before applying, you should read the current SMSF Master Insurance Plan Product Disclosure Statement (PDS)and Target Market Determination (TMD) and consider whether the product is appropriate for you.
If there is any inconsistency between this page and the PDS, Policy or other formal product documents, the formal product documents prevail.
Ready to explore your options?
You can obtain a quotation through AGI’s online SMSF Master Insurance Plan facility.
Get an SMSF Insurance Quote
By selecting the quote button, you will leave SMSFinsurance.com.au and continue to an external website operated by Australian Group Insurances Pty Ltd.
