Online insurance solution for SMSF sector
In order to address the growing insurance gap in the self-managed super fund (SMSF) sector, AIA Australia has partnered with Australian Group Insurances (AGI) to launch an online insurance solution.
The SMSF Master Insurance Plan offers death, total and permanent disability (TPD) and income protection (IP) cover, and allows members to transfer existing cover.
The maximum benefit for death is unlimited, while the highest levels of cover for TPD and IP are $3 million and $30,000 per month respectively.
AIA Australia chief distribution and marketing officer Damien Mu said SMSF members wanted the ability to quickly access and sign up to comprehensive insurance at rates "previously only offered to large industry, corporate and retail superannuation funds".
Mu added that the SMSF Master Insurance Plan would benefit financial advisers by giving them access to readily available insurance options.
"As the SMSF sector continues to skyrocket, organisations are constantly looking for the next differentiator to add value to members," he said.
According to the Russell Investments/Self Managed Super Fund Professionals' Association of Australia 'Intimate with Self-managed Superannuation' report 2012, the SMSF market is the largest and fastest growing super sector in Australia and represents one-third of Australia's $1.3 trillion superannuation pool.
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