More about the Complimentary Accidental Injury Benefit
Accidental Injury Benefit was available under all My Protection Plan policies issued between 22/06/2020 to 04/04/2021, and was an optional benefit under Loan Protection Plan policies issued from 4/03/2017 and for Aussie Mortgage Protection Plan policies issued from 15/05/2017. This benefit pays a monthly benefit for up to three months if you suffer a disabling injury.
Waiting period
This cover is payable after the first 30 days of having suffered a disabling accidental injury. From that point, your benefit is paid monthly in arrears. What this means is your first monthly benefit payment would be made 2 months after your accident.
How much does it pay?
The benefit is calculated as 1% of the Death Benefit amount you're covered for on the date you suffer a disabling injury, to a maximum of $2,500 a month for up to three months.
If the benefit is payable for less than a whole month (say you're able to return to work), we'll calculate each day's benefit payable as 1/30th of the monthly benefit.
The benefit money is paid directly to you (not your lender) to use however you choose.
What if I have more than one injury?
We’ll pay the Accidental Injury Benefit for one disabling injury in each policy year.
However, if you return to work from an injury before we've paid three months' benefit, and then within six months you become disabled again from that same injury, you may still be eligible for the balance of your Accidental Injury Benefit for that policy year.
Does this affect my other benefits?
No. If we pay you an Accidental Injury Benefit, your other benefits will not be affected.
Example
Say you’re working full-time and are insured for a Death Benefit of $600,000.
You fall down the stairs at home and injure yourself so severely that you can’t work for three months.
After 30 days off work (the waiting period), we’ll pay you an Accidental Injury Benefit of $2,500 a month, so you receive a total of $5,000.
If you can’t work again within six months because of that same disabling injury, you may still have $2,500 left to claim.
Want to know more about our accidental injury insurance benefit?
Get in touch with our customer service team on 1800 006 776.
My Protection Plan is issued by Hannover Life Re of Australasia Ltd ABN 37 062 395 484. It is distributed by Australian Life Insurance Distribution Pty Ltd ABN 31 103 157 811 AFSL 226403 (ALI). ALI receives commission for each policy sold. Any advice provided is of a general nature only and does not take into consideration your objectives, financial situation or needs. You should consider the Product Disclosure Statement when deciding if this product is appropriate for you.