Axa Australia has signed a new agreement with the $8.5 billion not-for-profit superannuation fund VicSuper to provide enhanced group insurance to its 250,000 members.
"We have been providing insurance cover to VicSuper members since 1994 and [this] announcement ensures this successful relationship continues," Axa head of group insurance Robert Bergin said.
Under the new agreement, VicSuper members will benefit from additional features to help address their changing needs, including life event cover and default income protection.
"The great news for members of VicSuper today is that, on average, their level of insurance cover will increase by 33 per cent and their premiums have also been reduced," Bergin said.
"We have also introduced a new feature called life events cover, which means fund members will have access to higher levels of cover when they experience a major change in their lives.
"We often see members who want to increase their level of cover after a major life event, such as buying a home or having children. This new feature facilitates more cover, without additional health evidence."
VicSuper chief executive Michael Dundon said the decision to continue with Axa was not based solely on additional benefits and the competitiveness of premiums.
"We also took into account Axa's track record in paying benefits to members in a timely and fair manner," Dundon said.
Bergin said Axa had paid more than $200 million in group insurance claims in the past two years.
