Insurance


EISS provides benefits on death, permanent disablement, and temporary disability.

This insurance provides you peace of mind when you aren't able to work due to illness or injury. It also makes sure your family is looked after if anything happens to you.

The benefits vary depending on which part of the Scheme you are in.

Insurance from superannuation schemes is often much cheaper than the insurance that you can get elsewhere. For example, a 45 year old accumulation scheme member earning $50,000 pa could get $375,000 death and disability insurance for $900 a year.

If you wish to change your insurance level, make a claim, or have any other question about insurance, please contact the Scheme.

Death and disability benefits

The following is a summary of the benefits that are payable on death or disability. These benefits are payable regardless of when and how you die or become disabled, i.e. you are provided with constant financial protection by the Scheme.

Lump Sum Scheme (Division 2)


Death A pension payable to your spouse (if you have one) or a lump sum to your estate if you don't. Any children under 16 or under 25 in full time study are eligible to receive a pension.
Temporay Disability A pension of two-thirds of your salary for up to 12 months
Permanent Disability A lump sum payable to you

Pension Scheme (Division 3)


Death A pension payable to your spouse (if you have one) or a lump sum to your estate if you don't. Any children under 16 or under 25 in full time study are eligible to receive a pension.
Temporay Disability A pension equal to your retirement pension for up to 12 months
Permanent Disability A pension payable to you for life

Members of the Pension Division cannot nominate who is to receive their death benefit from the Scheme.


RG Scheme (Division 4)


Death A lump sum is payable to your beneficiaries or your estate
Temporay Disability No benefit is payable
Permanent Disability A lump sum payable to you

Members of the RG Division are able to nominate who their death benefit goes to.


Accumulation Scheme (Division 5)


Death A lump sum is payable to your beneficiaries or your estate
Temporay Disability A pension of two-thirds of your salary for up to 12 months
Permanent Disability A lump sum payable to you

Members of the Accumulation Scheme are able to nominate who their death benefit goes to.

Members of the Accumulation Scheme are also able to vary the benefit that they receive on death or permanent disability. The choice of insurance is described in your member booklet, available for download from the Forms & publications section.

 

Electricity Industry Superannuation Board ABN 57 923 283 236 as Trustee of the Electricity Industry Superannuation Scheme.

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