MLC MasterKey Business Super

Insurance Guide

Category E members

This Insurance Guide is for MLC MasterKey Business Super Insured Members who were transferred

into the MLC Super Fund from The Universal Super Scheme on 1 July 2016 and who are:

(a) Ex-Employer Super Insured Members, or

(b) Ex-Super Solutions Employer Service Insured Members.

Note: These are ex-Aviva members who became Insured Members in MLC MasterKey Business Super

in December 2012.

Preparation date Preparation date Preparation date Preparation date 30 September 2016

Issued by the Trustee Issued by the Trustee Issued by the Trustee Issued by the Trustee NULIS Nominees (Australia) Limited ABN ABN ABN ABN 80 008 515 633 AFSL AFSL AFSL AFSL 236465

The InsurerThe InsurerThe InsurerThe Insurer MLC Limited ABNABNABNABN 90 000 000 402 AFSLAFSLAFSLAFSL 230694

The FundThe FundThe FundThe Fund MLC Super Fund ABNABNABNABN 70 732 426 024

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This guide gives you information about the

insurance available through your super.

A financial adviser can help you decide if this

insurance is right for you.

Important information

The information in this document is general information only and doesn’t take into account your

objectives, financial situation or individual needs. Because of that, before acting on this information,

you should consider its appropriateness, having regards to your objectives, financial situation and

needs. For more information please contact us, speak with your financial adviser or go to the online

copy of this document on mlc.com.au/pds/mkbsop

Information in this document may change from time to time. Updates in relation to information that

are not materially adverse may be made available on mlc.com.au but you may not be directly

notified of these updates. You may, however, obtain a paper copy of these change communications

on request free of charge by contacting us.

Please read the latest applicable Product Disclosure Statement and any incorporated materials

before making any decision about a product.

Neither NAB, nor any of its related bodies corporate guarantees or accepts liability in respect of the

insurance cover offered in MLC MasterKey Business Super.

An interest issued by NULIS Nominees (Australia) Limited in the Fund does not represent a deposit or

liability with NAB or other related bodies corporate of NAB.

Any statement made by a third party or based on a statement made by a third party in this

document has been included in the form and context in which it appears with the consent of the

third party, which has not been withdrawn as at the date of this document.

References to mlc.com.au in the online copy of this document link directly to the additional

information available.

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Contents

Insurance with MLC Limited 4

Insurance you select yourself 5

Death insurance 7

Death and TPD insurance 8

Income Protection insurance 12

Insurance – the details 22

Definitions 29

For more information please contact us, speak with your financial adviser or go to the online copy of

this document on mlc.com.au/pds/mkbsop

MLC Master Policy

There are two applicable MLC Master Policies under which different aspects of the insurance cover

described in this Insurance Guide are provided.

You can find specific details about the terms and conditions of your insurance in the MLC Master

Policies.

A copy of each of the MLC Master Policies is available by contacting us.

This Insurance Guide summarises the terms and conditions that apply to a claim for a Benefit with a

Date of Claim occurring on or after 8 December 2012 under the MLC Master Policies. If your Date of

Claim precedes this date, different terms and conditions may apply. Please contact us for further

details.

MLC Limited (Insurer) is the insurer

and receives your insurance

premiums. We can change the

insurer at any time if we believe this

is in the best interests of members.

The information in this Insurance

Guide forms part of the

MLC MasterKey Business Super

Product Disclosure Statement dated

30 September 2016. Together with

the Fee Definitions Flyer and

Investment Menu, these documents

should be considered before making

a decision about whether to acquire

or continue to hold the product.

They are available at

mlc.com.au/pds/mkbsop

Proposed sale of MLC Limited

In 2015 the NAB Group announced a plan to sell 80% of its insurance business (MLC Limited) to

Nippon Life Insurance Company. The planned sale has not been finalised at this stage. It is

proposed this sale will take place on a date between 1 October 2016 and 31 December 2016.

There are no changes to the insurance benefits, terms and conditions detailed in the PDS and in this

document as a result of the proposed sale. In the future, should your benefits or terms and

conditions change, we'll notify you as required by law.

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Insurance with MLC Limited

With over 125 years of insurance experience in Australia, insurance with MLC Limited provides long-

term, sustainable insurance to customers.

Worldwide insurance

Your insurance travels with you, which means you’re covered 24 hours a day anywhere in the world.

However, some additional limits apply to Income Protection benefits if you are not continuously

resident in an Approved Country – see the Definitions section for details.

Affordable insurance

Insurance through super may be tax effective for you and may be a more affordable way for you to

take care of your beneficiaries.

Employer selected insurance

Your employer may have selected an insurance package for your Plan.

This can include Death and Total and Permanent Disablement (TPD) insurance, and Income

Protection insurance.

Your cover

We’ll tell you the amount of insurance you have each year in your Annual statement.

To confirm your monthly premium, please refer to your most recent Annual Statement, or log into

your account online at mlc.com.au. You can contact us to obtain a quote for the cost of insurance

that will apply if you wish to change your cover.

Insurance eligibility

You were deemed to have been eligible for insurance when you were transferred into MLC

MasterKey Business Super. So, we’ll automatically deduct premiums from your account for so long

as your cover remains in force.

If your cover is terminated due to non-payment of premiums, you may apply for your cover to be

reinstated. The Insurer may, at its discretion, reinstate cover on such terms as it determines subject

to underwriting.

Insurance definitions

Some words in insurance have specific meanings such as Illness. You can see more about these

terms in the Definitions section.

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Insurance you select yourself

Everybody has different needs and insurance is no exception.

That’s why we help you create an insurance solution to suit you and your family’s needs.

You can choose to apply for or change your:

� Death insurance

� Death and TPD insurance, and

� Income Protection insurance.

Your application for cover will be subject to you providing Evidence of Insurability and acceptance by

the Insurer, who may set such terms and conditions and request information as it reasonably

requires.

How much insurance do you need?

While nobody likes to dwell on the negatives, without enough insurance you could put your, and

your family’s, lifestyle at risk.

Your financial adviser can go through the types of insurance on offer, and assess how much you may

need. Alternatively, an insurance calculator is available on mlc.com.au

Then you can get on with enjoying life, rather than worrying about what may or may not happen.

Family matters

If members of your family join your Plan they can also take advantage of:

� Death insurance

� Death and TPD insurance, and

� Income Protection insurance.

Please see the How to Guide at mlc.com.au/howto/mkbs to find out more.

How much insurance can you apply for?

Insurance type You can apply for up to

Death Unlimited. The maximum benefit limit for Terminal Illness is $3 million.

Death and TPD Unlimited Death insurance and up to a maximum of $5 million of TPD

insurance. The maximum benefit limit for Terminal Illness is $3 million.

Income Protection Generally up to 75% of the first$40,000 of your Monthly Income, and up

to 50% of the next $40,000 of your Monthly Income.

The maximum you can apply for includes policies you have, including the insurance provided

through your account in the Fund.

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Insurance consolidation

You can apply to consolidate any existing insurance cover held by you through another

superannuation fund or issued by another insurer (Existing Insurance Cover) with your insurance

cover in MLC MasterKey Business Super. To do this, you can access the Consolidate your insurance

form available on mlc.com.au

Any application for consolidation of cover is subject to underwriting and you may be required to

provide medical or other insurability evidence as part of your application.

You must meet all of the following requirements to be eligible to apply for consolidation of

insurance cover:

� your Existing Insurance Cover must have been in place for at least 12 months,

� you must be age 55 or younger at the date your insurance consolidation application is

completed and dated,

� you must be At Work on:

� the date the insurance consolidation application is completed and dated, and

� the day immediately preceding the day the transferred insurance cover is due to start in

MLC MasterKey Business Super,

� you must not be eligible for, must not have received, and must not be applying for a total

and permanent disablement or disability type benefit, permanent or temporary incapacity

benefit, terminal illness benefit or a salary continuance benefit under any workers'

compensation scheme, superannuation fund or insurance policy.

If your insurance consolidation application is accepted by us and the Insurer, the following special

conditions will apply together with any other conditions as notified to you from time to time:

� you must cancel your Existing Insurance Cover immediately after the transferred cover is

issued,

� in the event you fail to cancel your Existing Insurance Cover, any benefit in relation to the

transferred cover that would otherwise have become payable by the Insurer will be reduced

by the amount that represents the benefit payable under the Existing Insurance Cover, and

� the same premium loadings and exclusions, if any, that applied to your Existing Insurance

Cover, will apply to the transferred cover.

Replacing your existing insurance

Before you consider cancelling any insurance, you need to make sure your insurance will be right for

you. Please wait for us to confirm you're insured before you cancel any other existing insurance

arrangements you may have.

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Death insurance

Helps your family pay their expenses when you can’t be there.

How does it work?

This insurance pays a lump sum to your beneficiaries if you die, or to you if you’re diagnosed with a

Terminal Illness.

If we pay a Terminal Illness benefit to you, your Death insurance will reduce by the amount of the

payment. Where your Death insurance is greater than the amount of the Terminal Illness benefit

paid, the residual Death insurance will continue, and your ongoing premiums will reduce

accordingly.

The amount of your benefit will be determined on the relevant Date of Claim.

Eligibility

The maximum insurable age is 70.

When benefits won’t be paid

Active service in the armed forces

A death benefit won't be payable if death results from active service in the armed forces (excluding

the Australian Defence Force Reserves not deployed overseas).

Self-harm

For all increases to cover on and from 5 December 2014 (except automatic increases to cover):

� No Death Benefit is payable where Death is due to suicide within the first 24 months of

starting or reinstating insurance.

� No part of an increase to a Death Benefit is payable where the death is due to suicide within

the first 24 months after the commencement of the increased cover.

For all cover (except Automatic Cover) or increases to cover, which commenced before 4 December

2014:

� No Death Benefit is payable where your death is due to suicide in the first 13 months after

your cover increases voluntarily or outside the normal formula based cover increases.

The restrictions outlined above in relation to self-harm do not apply to Terminal Illness Benefits.

Pre-existing Conditions

For all cover or increases to cover commencing on or after 5 December 2014:

No benefit will be payable for death or Terminal Illness caused directly or indirectly by any Pre-

existing Condition if, prior to the most recent date you became insured under the MLC Master Policy

you were paid, or were entitled to be paid, a TPD or Terminal Illness benefit from the Insurer or

another superannuation fund or insurer.

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Death and Total and Permanent Disablement (TPD)

insurance

Gives you financial security for the unexpected.

How does it work?

This insurance pays a lump sum if you die, are diagnosed with a Terminal Illness or become Totally

and Permanently Disabled.

If we pay a Terminal Illness benefit to you, your Death and TPD insurance will each reduce by the

amount of the payment. Where your Death or TPD insurance is greater than the amount of the

Terminal Illness benefit paid, the residual insurance will continue, and your ongoing premiums will

reduce accordingly.

If we pay a TPD benefit to you, your Death insurance will reduce by the amount of the payment.

Where your Death insurance is greater than the amount of the TPD benefit paid, the residual Death

insurance will continue, and your ongoing premiums will reduce accordingly.

Your TPD Benefit or Terminal Illness Benefit can't exceed the amount of your Death Benefit, except

where otherwise agreed by the Insurer.

The amount of your benefit will be determined on the relevant Date of Claim.

Eligibility

TPD insurance can continue up to age 70, subject to minimum working hours, reducing cover and

change in definition.

When benefits won’t be paid

Active service in the armed forces

Death and TPD Benefits will not be payable if death or TPD (as applicable) results from active service

in the armed forces (excluding the Australian Defence Force Reserves not deployed overseas).

Self-harm

For all increases to cover on and from 5 December 2014 (except automatic increases to cover):

� No Death Benefit is payable where Death is due to suicide within the first 24 months of

starting or reinstating insurance.

� No part of an increase to a Death Benefit is payable where the death is due to suicide within

the first 24 months after the commencement of the increased cover.

� No part of an increase to a TPD Benefit is payable where the TPD is due to self-inflicted

injury within the first 24 months after the commencement of the increased cover.

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For all cover (except Automatic Cover) or increases to cover, which commenced before 4 December

2014:

� No Death Benefit is payable where your death is due to suicide in the first 13 months after

your cover increases voluntarily or outside the normal formula based cover increases.

� No TPD Benefit is payable where the TPD is due to any intentional self-inflicted injury or

Sickness or any attempt at suicide.

The restrictions outlined above do not apply to Terminal Illness Benefits.

Pre-existing conditions

For all increases in cover on or after 5 December 2014:

No benefit will be payable for death, TPD or Terminal Illness cover caused directly or indirectly by

any Pre-Existing Condition if prior to the date of becoming insured under the MLC Master Policy, you

were paid, or were entitled to be paid, a TPD or Terminal Illness benefit from the Insurer or another

superannuation fund or insurer.

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Features of Death insurance and Death & TPD insurance

Terminal Illness benefits

We’ll pay you a Terminal Illness benefit if you’re diagnosed with a Terminal Illness. Your Terminal

Illness benefit is calculated as your Death Benefit less any TPD benefit you may have already

received, up to a maximum of $3 million. Your insurance (consisting of any cover you have for death,

Terminal Illness or TPD) will then be reduced by the amount of this payment. Where your Death or

TPD insurance is greater than the amount of the Terminal Illness benefit paid, the residual insurance

will continue, and your ongoing premiums will reduce accordingly.

You won’t have to repay the Terminal Illness benefit if you live longer than 24 months.

The amount of your Terminal Illness benefit will be determined on the relevant Date of Claim.

Leave of absence/parental leave

You can take up to 24 months’ Leave of Absence from your Employment with or without pay and

keep your insurance on the same terms and conditions as if you had remained in active

Employment, provided:

� you continue to pay your premiums,

� remain employed by your employer,

� continue to be an Insured Member of MLC MasterKey Business Super,

� do not join any armed forces (excluding the Australian Defence Force Reserves not deployed

overseas), and

� comply with the other terms of the MLC Master Policy.

Your employer's approval of your leave must be in writing and be provided to the Insurer on

request.

You can also apply to extend this period by giving us at least 60 days’ notice before your Leave of

Absence ends, which is subject to acceptance by the Insurer, at its discretion.

Any benefit payable will be based on the level of insurance notified to and accepted by the Insurer

before commencement of your Leave of Absence.

If you apply for additional cover while on Leave of Absence, your application will be subject to

underwriting and any additional cover will not commence until the Insurer provides written notice of

acceptance and you return to work.

If you do not return to your employment on or before the nominated return to work date as agreed

with your employer before you went on Leave of Absence and the Insurer has not granted an

extension, your insurance will continue provided premiums continue to be paid. However, your

insurance will be based on your Occupation and employment status immediately prior to the Date of

Claim.

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Interim Accident Insurance

While the Insurer considers whether to accept an application for increased cover (ie Death or TPD

benefits) outside Automatic Acceptance Limits or reinstatement of a person's cover after

termination for non-payment of premiums, the Insurer will provide Interim Accident Benefit cover

for Accidental Death or Accidental TPD.

You will be covered for an Interim Accident Benefit from the date the Insurer receives a fully

completed application for cover including a personal statement and health declaration in the form

required by the Insurer.

If you apply for Death or an increase in Death insurance and die as a result of, in the Insurer's

opinion, an injury occurring while your application is being assessed by the Insurer and within 365

days of the Injury occurring, a lump Interim Accident Benefit of the amount of Death insurance you

have applied for will be paid (up to a maximum of $10 million).

If you suffer from Accidental TPD while Interim Accident Benefit cover is in force, the Insurer will be

pay the amount of TPD insurance applied for (up to a maximum of $3 million.)

If your Accidental Death cover exceeds your Accidental TPD cover, the amount of Interim Accident

Benefits cover for Accidental Death will be reduced by any amount paid under the Interim Accident

Benefit paid for Accidental TPD.

An Interim Accident Benefit for Accidental Death will not payable where a Death Benefit would not

have been payable under the MLC Master Policy.

An Interim Accident Benefit for Accidental TPD will not be payable where:

� the cover applied for would have been declined under the Insurer's normal assessment

guidelines;

� the cover applied for would have been declined under the Insurer's normal assessment

guidelines

� the application is for an event or condition that would have been excluded under the

Insurer's normal underwriting process, or

� an Interim Accident Benefit for Accidental Death has been paid.

Cover for an Interim Accident Benefit will cease on the earlier of the following events:

� the Insurer accepting or declining the application;

� the withdrawal of the application;

� 180 days after the Insurer receives the fully completed application, personal statement and

declaration of health in the required form;

� the date the person ceases to be an Insured Member (if applying for an increase) or no

longer satisfies eligibility terms (if applying for reinstatement);

� the date the Insurer ceases to be liable under the MLC Master Policy.

The Interim Accident Certificate is available in the How to Guide on mlc.com.au/howto/mkbs

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Income Protection insurance

Helps you concentrate on getting better, without worrying about bills.

How does it work?

This insurance provides a monthly benefit of up to 75% of your Monthly Income while you’re Totally

Disabled or Partially Disabled.

If you are engaged in Permanent Full Time Employment or Permanent Part Time Employment, you

or your employer can choose a Benefit Period of:

� two years

� five years, or

� age 65,

or as agreed by the Insurer.

If you’re engaged in Fixed-term Contract Employment and have a:

� two or five-year Benefit Period, as selected or agreed by the Insurer, your Benefit Period will

end of the earlier of:

� the end of your 2 year or 5 year Benefit Period (as applicable),

� the end of your contracted period of employment last agreed with the employer before

the date of the event leading to a claim for the benefit, or

� you attaining the age of 65;

� Benefit Period until age 65, as selected or agreed by the Insurer, your Benefit Period will end

on the later of:

� 2 years, and

� the expiry of your contracted period of employment last agreed with the employer

before the date of the event leading to a claim for the benefit,

but subject to the maximum insurance age of 65.

You can also choose from a range of Waiting Periods, being the period that you are Totally Disabled

or Partially Disabled during which no Total Disability or Partial Disability Benefits are payable. The

Waiting Period starts on the Date of Claim and requires the Insured Member to be Totally Disabled

for at least 14 consecutive days from the start of the Waiting Period.

Waiting Periods include 30, 60 and 90 days, and you can also choose a waiting period of 180 days if

you have a Benefit Period of 5 years or to age 65.

A Total Disability Benefit is only payable in the event you were in Covered Employment on the last

working day prior to the Date of Claim, were Totally Disabled for the first 14 consecutive days of the

Waiting Period, Totally or Partially Disabled for the remainder of the Waiting Period and Totally

Disabled at the end of the Waiting Period.

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A Partial Disability Benefit is only payable in the event you were in Covered Employment on the last

working day prior to the Date of Claim, were Totally Disabled for the first 14 consecutive days of the

Waiting Period, Totally or Partially Disabled for the remainder of the Waiting Period and Totally or

Partially Disabled at the end of the Waiting Period.

An Income Protection Benefit other than a Bereavement Benefit is payable monthly in arrears. An

Income Protection Benefit payable for only part of a month will be payable at a rate of one-thirtieth

of the monthly benefit payable.

An Income Protection Benefit payable in relation to a particular Illness or Injury will cease on expiry

of the Benefit Period applicable to the Insured Member, but only in relation to that Illness or Injury.

You may also have a Superannuation Contribution Benefit, subject to you, the Trustee or your

employer having submitted an application that is acceptable to the Insurer. A Superannuation

Contribution Benefit provides an additional benefit paid into your MLC MasterKey Business Super

account or another complying superannuation fund of your choice, while you’re Totally Disabled or

Partially Disabled.

Maximum monthly benefit payable

The maximum monthly benefit payable to you is the lesser of the following:

� up to 75% of the first $40,000 of your Monthly Income, and up to 50% of the next $40,000 of

your Monthly Income; and

� the insured percentage of your Monthly Income (which may not exceed 75%)

If you have a Superannuation Contribution Benefit, an additional amount may be paid into your

super account, up to a maximum of 15% of your Monthly Income.

The maximum monthly benefit payable is subject to an overall total maximum benefit of $50,000

per month for the first two years of your Benefit Period, including any Superannuation Contributions

Benefit.

If your benefit payment continues beyond two years, the overall total maximum benefit payable is

$30,000 per month for the remaining Benefit Period including any Superannuation Contribution

Benefit.

Total Disability Benefit

If your Date of Claim is prior to 1 July 2016, the Total Disability Benefit will be your monthly benefit.

If your Date of Claim is on or after 1 July 2016, the Total Disability Benefit will be the lesser of your

monthly benefit or 1/12th of your Pre-Disability Income in the 12 months prior to your Total

Disability.

A Total Disability Benefit will commence from the expiration of the Waiting Period.

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Partial Disability Benefit

The Partial Disability Benefit will be calculated using the following formula:

(Monthly Income – Actual Monthly Income)

x monthly benefit

Monthly Income

A Partial Disability Benefit will commence at the latest of the expiration of the Waiting Period or the

date you cease to be Totally Disabled if you are Partially Disabled at that date.

Making sure you’re eligible

To be eligible for Income Protection insurance you must be between ages 15 and 64 and must not be

engaged in Excluded Employment.

To be eligible for an Income Protection Benefit, you must be:

� engaged in Covered Employment, and

� not engaged in Excluded Employment,

on the last working day prior to the Date of Claim.

Income Protection insurance ends at age 65.

When will benefits be reduced?

Any Total or Partial Disability Benefit payable will be reduced to the extent you are, during the

period of Total Disability or Partial Disability:

� receiving any regular income (including sick leave but excluding payments made pursuant to

statutory or contractual annual leave accrued prior to the date you ceased working, long

service leave or redundancy entitlements) from your employer;

� receiving payments made under any other similar policies, and

� entitled to payments made under workers’ compensation and/or similar legislation. This

doesn’t include Centrelink payments or benefits at common law, where such benefits are

payable on a periodic basis (whether paid or not).

The reduction will be sufficient to ensure that:

� the Total Disability Benefit or Partial Disability Benefit payable, together with the aggregate

of the other payments or entitlements, will not exceed your insured percentage of Monthly

Income.

� the amount the Insurer pays in Total Disability Benefits or Partial Disability Benefits,

together with the aggregate of the other payments or entitlements (including arising under

the Policy other than rehabilitation expenses and Superannuation Contribution Benefits),

will not exceed the amount derived by your Income Protection benefit formula.

Any income from other sources which is in the form of a lump sum or is commuted for a lump

sum will be treated as a monthly sum equivalent to one percent of the lump sum over a period

of 7 years, to calculate the reduction in Monthly Benefits.

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Income from other sources does not include:

� income earned from investments; and

� any lump sum total and permanent disablement benefit.

When your worker's compensation entitlement is in dispute, the Insurer will pay the full amount of

the Total Disability Benefit or the Partial Disability Benefit on a conditional basis until the dispute is

resolved. If you are successful and are declared entitled to workers' compensation benefits, it is a

condition of this insurance cover that:

� you will repay to the Insurer that part of any Total Disability Benefit or Partial Disability

Benefit which would otherwise not have been paid if not for the conditional payment; and

� the Insurer may at any time recover this amount by offsetting it against any amounts that

may subsequently become due in respect of you under the Policy including any TPD Benefit

or Terminal Illness Benefit.

When won’t Income Protection benefits be paid?

Income Protection Benefits won’t be paid to you for Total or Partial Disability due to:

� an intentional self-inflicted Injury or any attempt to commit suicide irrespective of whether

you are sane or insane;

� normal and uncomplicated pregnancy or childbirth;

� any act of war (whether declared or not) or service in armed forces (not including Australian

Defence Force Reserves not employed overseas); or

� any other event or matter in the Policy or notified by the Insurer.

Benefits are available worldwide, however payment is limited to one year if you are not continuously

a resident in Australia or an Approved Country.

Pre-existing conditions

Where automatic acceptance applies, if you do not have New Events Cover, the Insurer will pay

Income Protection Benefits for Total Disability resulting from a Pre-existing Condition. Where

applicable, the Insurer will pay Income Protection Benefits in excess of the automatic acceptance

limit provided the Pre-existing Condition has been disclosed to and accepted by the Insurer.

For all cover commencing or increases to cover commencing on or after 5 December 2014:

No Income Protection Benefit will be paid for Total Disability or Partial Disability caused directly or

indirectly by any Pre-existing Condition if prior to the most recent date you became insured under

the Policy, you were paid, or are entitled to be paid, a TPD or Terminal Illness benefit from us or

another superannuation fund or insurer.

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When payments cease

Payment of any monthly benefit for Total Disability will end at the earliest of:

� the end of your Benefit Period;

� when you are no longer Totally Disabled;

� when you attain 65 years of age;

� on your death;

� when you are no longer under the regular and continuous care of a Doctor;

� the date there is a failure to provide the Insurer with all requested information and other

evidence reasonably required to assess your claim; or

� you make a fraudulent claim.

Payment of any Partial Disability Benefit will end at the earliest of:

� when you are no longer Partially Disabled;

� the occurrence of any of the events that would cause a monthly benefit for Total Disability

to cease (except the end of your Total Disability); or

� you earn a level of income equal to or greater than your Pre-Disability Income that you were

earning immediately prior to the start of your Total Disability or Restricted Monthly Income

(whichever is lesser).

Other

Overseas Travel

Cover for Income Protection Benefits applies worldwide. However, Income Protection Benefits will

be limited to 12 months if you are not continuously resident in an Approved Country.

The 12 month limited period commences from:

� if you ceased to be continuously resident in an Approved Country after the start of your

Total Disability, the later of the date when you last continuously resided in an Approved

Country and the end of your Waiting Period; or

� if you were not residing in an Approved Country as of the start of your Total Disability, the

end of the Waiting Period.

After the 12 month limited period, no Income Protection Benefits will be payable unless and until

you return to an Approved Country. If you return to an Approved Country and are still Totally or

Partially Disabled, your Income Protection Benefits may be reinstated effective from the date of your

return to the Approved Country and will be payable while you are continuously resident in an

Approved Country.

For two year and five year Benefit Periods, the Benefit Period will only accrue while Income

Protection Benefits are being paid.

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Features of Income Protection insurance

Choice of waiting period

You pay a lower premium the longer the Waiting Period. You can select a 30, 60 or 90-day Waiting

Period when you apply. You also have the option of a 180-day Waiting Period if you have a Benefit

Period of 5 years or to age 65.

Interim Disability Accident Insurance

If you are eligible for Income Protection insurance and apply for Income Protection insurance or an

increase in Income Protection insurance and suffer a Total Disability which in the Insurer's opinion is

a result of an Injury occurring during the period of interim cover, you will be paid an Interim

Disability Accident Benefit.

You will be covered for an Interim Disability Accident Benefit from the date the Insurer receives a

properly completed statement and declaration of health to the earliest of the following dates:

� the date the Insurer gives notice that it accepts (on any terms) or rejects the application;

� the date you that your application for cover (or an increase in cover) is cancelled or

withdrawn;

� the date you cease to be eligible for Income Protection insurance;

� the date cover otherwise ceases under the MLC Master Policy; or

� 90 days after the commencement of interim cover.

The Interim Disability Accident Benefit provides a benefit of up to the monthly benefit applied for,

subject to the maximum monthly benefit applicable to Income Protection insurance. For Insured

Members whose cover commenced after 1 April 2009 a maximum of $50,000 per month applies.

The Interim Disability Accident Benefit is payable for as long as the Total Disability continues or to

the end of the Benefit Period, whichever occurs first, subject to a maximum of 2 years.

An Interim Disability Accident Benefit is not payable:

� for an Injury is caused by the Insured Member engaging in an Uninsurable or Special Risk

Occupation pastime or sport that would not be covered under the Insurer's normal

assessment guidelines; or

� where cover would have been declined under the Insurer's normal assessment guidelines; or

� where a claim is lodged for an event or condition that would have been excluded under the

Insurer's normal underwriting process; or

� where the Injury occurs before the person becomes an Eligible Member.

The Insurer will not pay more than one Benefit under this Interim Disability Accident Benefit for any

one Accident to any person.

The Interim Accident Certificate is available in the How to Guide on mlc.com.au/howto/mkbs

18

Returning to work during the waiting period

Prior to 29 November 2013

You can return to work during the Waiting Period for up to five days at Full Capacity without your

Waiting Period being restarted. Your Waiting Period will be extended by the amount of days you

return to work at Full Capacity. If you return to work for more than five days at Full Capacity, your

Waiting Period will start again. These days don’t have to be consecutive.

On and from 29 November 2013

You can return to work during the Waiting Period, for up to:

� five days if your Waiting Period is not more than 30 days, or

� ten days if your Waiting Period is more than 30 days,

� without your Waiting Period being restarted.

Your Waiting Period will be extended by the amount of days you return to work at Full Capacity. If

you return to work at Full Capacity for more than the maximum days above, your Waiting Period will

start again. These days don’t have to be consecutive.

Salary-linked insurance increases

Your insurance may increase in line with any salary increase you receive, by up to 30% within any 12-

month period provided the increase remains within automatic acceptance limits or forward

underwriting limits (where applicable) and the evidence of salary increase is considered sufficient by

the Insurer. The Insurer may not require you to provide Evidence of Insurability.

Where your salary increase exceeds 30% or would otherwise cause the level of Income Protection

Benefits to exceed the automatic acceptance limits or forward underwriting limits (where

applicable), any increase will be subject to underwriting.

Insuring super contributions (Superannuation Contributions Benefits)

You can insure the super contributions your employer makes for you, up to 15% of your Monthly

Income, subject to you, the Trustee or your employer having submitted an application that is

acceptable to the Insurer.

A Superannuation Contribution Benefit provides an additional benefit paid into your MLC MasterKey

Business Super account or another complying superannuation fund of your choice, while you’re

Totally Disabled or Partially Disabled.

The Superannuation Contribution Benefit payable is:

� for Total Disability, an amount equal to the Super Contribution Benefit Percentage of your

Monthly Income; or

� for Partial Disability, an amount equal to the Super Contribution Benefit Percentage of your

Monthly Income less your Actual Monthly Income in that month.

19

The amount of the Superannuation Contribution Benefit will not exceed:

� 15% of your Monthly Income; or

� the maximum monthly benefit when combined with the Total Disability Benefit.

The Superannuation Contribution Benefit shall cease to be payable when you cease to be entitled to

a Total Disability or Partial Disability Benefit.

CPI-linked benefits

If you have a '5 year' or 'to age 65' Benefit Period and you receive monthly benefits for 12

consecutive months, the monthly benefits will be increased (indexed) annually by the lesser of 5%

and the percentage increase (if any) in the CPI for the previous 12 months. This does not apply for

the two-year Benefit Period.

If Total Disability or Partial Disability Benefits cease to be payable, for the purposes of any future

payments, Total Disability and Partial Disability Benefit entitlements will revert to the original

percentage of Monthly Income or other amount replaced or varied in accordance with the other

clauses of the MLC Master Policy.

Rehabilitation expenses benefit

Where you are being paid a Total Disability or Partial Disability Benefit, where permitted by law, the

Insurer will pay for expenses which are:

� incurred to directly assist you to return to work in a gainful occupation or in undertaking a

vocational retraining program because of your Total or Partial Disability;

� approved in advance in writing by the Insurer; and

� approved by your Doctor,

such as the cost of a formal rehabilitation course or the cost of special equipment such as a

motorised wheelchair to help you return to work.

The Insurer will not pay any money directly or indirectly to you or the Fund, but will pay the

rehabilitation expenses to the service providers directly or provide the rehabilitation services itself.

The maximum amount of rehabilitation expenses payable is six times the monthly benefit (less any

amount that may be claimed from any other source as reimbursement), or such greater amount as

the Insurer determines in its absolute discretion. Evidence of the cost of the rehabilitation program

or other expense will be required.

Bereavement Benefit

If you die whilst in receipt of a Total Disability Benefit or Partial Disability Benefit and no Death

Benefit is payable under this insurance cover, subject to the expiry of the Benefit Period, the Insurer

will pay an amount after the date of death of:

� 3 months of Total Disability Benefits (Benefit Period of 2 or less years or of 5 or less years),

or

� 6 months of Total Disability Benefits (Benefit Period to age 65).

20

Recurring disability

Your Waiting Period will not recommence if your Total Disability or Partial Disability recurs within six

months of the date you ceased to be Totally or Partially Disabled due to returning to your usual

Occupation or a different Occupation, provided that the cause of the recurrent Total Disability or

Partial Disability is the same or related to the cause of the original Total Disability. The Policy and

your Income Protection cover must both be in force when the Total or Partial Disability recurs.

Regardless of whether a Total Disability or Partial Disability recurs within the 6 month period, the

same Benefit Period will apply to the entire period of Total Disability and Partial Disability including

the original claim and any recurrent claim where the cause of the recurrent Total Disability or Partial

Disability is the same or related to the cause of the original Total Disability.

If you become an Insured Member after 1 July 2016 and have a 2 or 5 year Income Protection

Benefit Period, once your Benefit Period expires, a new Benefit Period will only commence if:

� you suffer an Injury or Illness which is different to that which caused or contributed to your

Total or Partial Disability in the previous Benefit Period; and

� you returned to Covered Employment prior to the Date of Claim applicable to the new

Benefit Period.

Waiver of premiums

While you receive monthly benefits, you don’t pay any Income Protection insurance premiums. On

cessation of payment of the Total or Partial Disability Benefit, premiums will be charged again unless

your Income Protection cover has ended.

Leave of absence/parental leave

You can take up to 24 months’ Leave of Absence from your Employment with or without pay and

keep your insurance on the same terms and conditions as if you had remained in active

Employment, provided:

� you continue to pay your premiums,

� remain employed by your employer,

� continue to be an Insured Member of MLC MasterKey Business Super,

� do not join any armed forces (excluding the Australian Defence Force Reserves not deployed

overseas), and

� comply with the other terms of the MLC Master Policy.

Your employer's approval of your leave must be in writing and be provided to the Insurer on

request.

You can also apply to extend this period by giving us at least 60 days’ notice before your Leave of

Absence ends, which is subject to acceptance by the Insurer, at its discretion.

Any benefit payable will be based on the Monthly Income notified to and accepted by the Insurer

before commencement of your Leave of Absence.

21

If you apply for additional cover while on Leave of Absence, your application will be subject to

underwriting and any additional cover will not commence until the Insurer provides written notice of

acceptance and you return to work.

If you do not return to your employment on or before the nominated return to work date as agreed

with your employer before you went on Leave of Absence and the Insurer has not granted an

extension, your insurance will continue provided premiums continue to be paid. However, your

insurance will be based on your Occupation and employment status immediately prior to the Date of

Claim.

If you suffer a Total Disability and you are entitled to cover whilst on Leave of Absence, the Insurer

will pay a benefit at the rate of your Total Disability Benefit or Partial Disability Benefit as applicable.

Payment of any benefit will start from the later of:

� your nominated return to work date as agreed to by the employer before you go on Leave of

Absence, or the date last agreed to by the employer prior to your Total Disability; and

� the end of the Waiting Period,

and end in accordance with the 'When payments cease' section above.

22

Insurance – the details

How to apply for increases

Everybody has different needs and insurance is no exception.

That’s why we help you create an insurance solution to suit you and your family’s needs.

You can apply to change your cover. Your application for a change in cover will be subject to you

providing Evidence of Insurability and acceptance by the Insurer, who may set such terms and

conditions and request information as it reasonably requires.

How to apply

To apply for insurance, or to apply to increase your insurance, please log in to your account online,

or complete the Short form insurance application available on mlc.com.au.

Your financial adviser can help you alter your insurance.

During the application process for new or additional cover, you will be required to provide

information about your occupation, lifestyle, leisure activities and medical history.

We'll let you know if the Insurer has accepted or declined your application, or if the Insurer is only

willing to accept your application subject to special terms and conditions.

Any increase or decrease that has been accepted will take effect from the date of the Insurer's

written acceptance.

You can contact us or your financial adviser to find out what the additional premiums will be.

Cancelling your insurance

If you want to cancel your insurance, please call us on 132 652.

What you need to tell us

It’s important you disclose every matter you know, or could reasonably be expected to know, that

could be relevant to the decision to accept your application. If the Insurer is provided with an

incorrect date of birth, the Insurer may revise the Insured Member's benefits. In the event of any

failure to comply with a duty of disclosure, or a misrepresentation being made to the Insurer, the

Insurer may avoid or vary the Insured Member's cover.

You must also let us know if any of the information you provide changes prior to your application

being accepted (for example you have an Accident) or if your existing insurance is extended, varied

or reinstated. If you don’t, your insurance may not be valid.

23

About your premium

Premiums are deducted from your account balance in your investment options other than MySuper.

If you have no balance in those investment options, it’s deducted from your balance in MySuper.

Your insurance cover is shown in your Annual Statement each year. You can see your premium paid

and insurance cover at any time by going to mlc.com.au and logging in to view your account online.

It’s calculated based on the type and amount of insurance you have, depending on your individual

circumstances such as age and Occupation.

The latest Occupation ratings guide for insurance is available on mlc.com.au/occupation

If we ask you to provide evidence of your health, your premium can also be influenced by factors

such as your:

� medical history, and

� lifestyle and leisure activities.

How often do you pay your premiums?

Premiums are deducted monthly from your account.

Will premiums change?

Your premiums may be adjusted for:

� your age

� changes to your insurance, or

� changes in your circumstances, such as changes to your Occupation.

The Insurer may also make changes to premium rates, which could increase or decrease your

premiums. We’ll tell you about any material increases to premium rates at least 30 days before they

take effect. Notification of any non-material changes may be made available online on mlc.com.au,

but you may not be directly notified of these updates. You may, however, obtain a paper copy of

these change communications on request free of charge.

Fees may be charged if you request a service not currently offered. To the extent that the premiums

do not incorporate any applicable taxes or charges, these taxes and charges may be deducted from

your account in addition to the premiums. The Insurer may change the premium rates at any time in

the event of a change in any government charge, licence fee, tax or other impost that relates directly

to the premiums, sums insured or risks of the Policy and in the event of invasion or outbreak of war.

We may charge members or the Fund generally, with actual or estimated costs of running the Fund.

These may include costs resulting from government legislation or fees that are charged by third

parties.

24

Keep your details up to date

You need to let us know about changes to your personal details, such as a change in your Occupation

within 130 days.

If you don’t notify us within this time, any claims may be declined.

Different TPD definitions may apply and Income Protection cover may change or may cease to be

available if you change your Occupation and/or your working capacity.

If you change from an Insurable Occupation to an Uninsurable Occupation, you may retain your

Death and TPD cover (if any). However, in the event of a claim for TPD, you will be assessed under

the Activities of Daily Living definition.

When your insurance will end

Your insurance will end on the earlier of any of the following events:

� except in respect of a Death Benefit, Interim Accident Benefit or Bereavement Benefit, on

your death

� you’re no longer eligible for insurance

� you don’t have enough funds in your account to cover the cost of insurance as at a premium

due date. You’ll continue to be covered for 30 days after the premium due date as long as

you are a member of the Plan

� you take a Leave of Absence for more than 24 months (or such other period as accepted by

the Insurer) without getting approval for continued insurance or you stop paying premiums

during the period of Leave of Absence

� on the day before you commence duty with any armed services of any country, except for

the Australian Defence Force Reserves not deployed overseas

� you reach the maximum insurable age

� in respect of a Death Benefit, Terminal Illness Benefit, TPD Benefit or Interim Accident

Benefit, the benefit is paid

� when the total of any Terminal Illness Benefit, TPD Benefit or Interim Accident Benefit (for

Quadriplegia, Major Brain Injury or the total and irreversible inability to perform at least two

of the Activities of Daily Living as a result of Injury occurring during the period of interim

cover) is equal to or exceeds your Death cover

� in respect of an Income Protection Benefit payable in relation to a particular Illness or Injury,

on the expiry of the applicable Benefit Period, but only in relation to that Illness or Injury

� you cease to be a member of the Fund

� you cancel your insurance or your insurance or the MLC Master Policy is otherwise cancelled

or terminated for any reason

� any other event or matter referred to in the MLC Master Policy as bringing about the

cessation of cover occurs.

If your Policy or cover is cancelled, the Insurer will only pay a claim if the claimant was an Insured

Member at the date of cancellation, the Date of Claim of the Insured Event which gave rise to the

claim occurred before the date of cancellation and any arrears of Premiums have been paid up to

the date of cancellation.

25

If you have Income Protection insurance with either the two year or five year Benefit Period, it will

end on the date the Insurer pays a lump sum TPD or Terminal Illness benefit, subject to the

following:

� Where your Total Disability commenced on a Date of Claim prior to the date the TPD or

Terminal Illness benefit was paid and you were entitled to an Income Protection Benefit on

that date, or at the end of the Waiting Period after that date, Income Protection Benefits will

continue to be payable while you continue to be Totally Disabled or Partially Disabled due to

the same Illness or Injury during the Benefit Period but your Income Protection cover will

cease in all other respects.

The Insurer's liability to pay any benefits which have not already accrued will cease on the date a

fraudulent claim is made, in respect of the claim for that benefit.

Cessation of your cover does not affect the Insurer's liability to pay a benefit that has accrued prior

to the date of cessation of the cover.

More detail on when your insurance will end can be found in the MLC Master Policy. Please call us if

you’d like a copy.

What happens when you leave your employer?

Once your employer tells us you're no longer their employee, we'll transfer your account to MLC

MasterKey Personal Super where all of your insurances will continue and will become fixed amounts.

You can apply to increase these amounts. Your premiums may be higher in MLC MasterKey Personal

Super.

Continuation option

Death only cover

The continuation option can only be exercised where:

� you are under age 65; and

� you cease to be an Insured Member other than as a result of TPD; and

� you provide such appropriate information (including blood tests) as shall be acceptable to

the Insurer; and

� if the premium of the policy selected is subject to your smoking habits, you provide such

declaration as the Insurer may determine necessary.

Term life and income protection cover

If:

� you are an Insured Member and employment with your Participating Employer ends, or you

are a 'Family Insured Member' who ceases to meet that definition and does not transfer out

of the Fund; and

� you are not eligible for cover under MLC MasterKey Personal Super; and

26

� your cover has not ceased because of duty with any armed forces (excluding the Australian

Defence Force Reserves not deployed overseas),

you may apply to exercise an option for continuation of your cover. If accepted, the cover will

be of a type available from the Insurer at the time of the exercise of the option.

The following conditions apply in relation to term life insurance continuation policies:

� you must be at least 5 years younger than the Maximum Insurable Age for the relevant type

of cover applied for;

� none of the Trustee, Participating Employer (on your behalf) or you may be claiming,

receiving or entitled to receive or claim insurance payments for total and permanent

disablement or any Illness or Injury under MLC Master Policy or any other insurance policy

issued by any insurance company; and

� you must have had cover for TPD Benefits under MLC Master Policy immediately prior to

becoming eligible to exercise the continuance option, and if you were an employee of a

Participating Employer under MLC Master Policy you must engage in Permanent Part Time

Employment acceptable to the Insurer within 90 days of ceasing employment with the

Participating Employer. The Insurer may require the person to supply satisfactory

occupation and earnings information.

In addition, the following conditions apply in relation to income protection continuation policies:

� you must be under 60 years old;

� you must have had Income Protection cover in place immediately prior to ceasing

employment with a Participating Employer;

� you must have started Permanent Part Time Employment in a similar Occupation in a

capacity acceptable to the Insurer for income protection insurance;

� if you apply for cover after 21 November 2011, you have not ceased to be an Australian

Resident; and

� none of the Trustee, Participating Employer (on your behalf) or you may be claiming,

receiving or entitled to receive or claim any Total Disability or Partial Disability Benefits

under MLC Master Policy or similar benefits under any other insurance policy issued by any

insurance company, and you must not have previously received Total Disability Benefits for

the Insured Member's Maximum Benefit Period.

The Insurer may refuse to provide cover under the continuation option in the event the Insurer does

not market a term life insurance continuation policy or income protection policy which covers the

occupational risk of the person applying for the continuation option.

What happens if you leave the Fund?

If you transfer your super to another fund, your insurance will continue for up to 60 days. During

this time, you can let us know if you wish to apply for similar insurance with a personal MLC

insurance policy.

27

Making a claim

The Trustee must promptly notify the Insurer of an event giving rise to a claim under the Policy. The

Insurer will then provide you with a claim form which must be fully completed and returned as soon

as possible. Your Occupation category and employment type at the Date of Claim will be

determined by the Insurer to assess your eligibility for cover, type of cover and applicable Policy

terms.

If there is a delay of more than one year after the event giving rise to the claim before the claim

form is provided to the Insurer, then the Insurer's liability will be reduced to the extent the delay

prejudices the Insurer's interests.

Prior to paying a claim, the Insurer must receive satisfactory:

� proof of age; and

� proof of the occurrence of the Insured Event, including:

� the completed claim form;

� evidence to substantiate the claim and additional evidence reasonably required by the

Insurer, at your expense;

� evidence obtained from medical examinations or assessments the Insurer reasonably

requires you to participate in, at the Insurer's expense;

� for Death Benefit claims, a post-mortem examination report if required by the Insurer;

� for Terminal Illness and TPD claims, medical reports from two treating Doctors,

and payment will be subject to any other terms and conditions of the MLC Master Policy.

Income Protection claims

Income Protection Benefits are only payable while you are under the regular care and attendance of

an appropriately qualified Doctor and comply with reasonable advice for treatment given by that

Doctor.

Where a claim is ongoing, Income Protection Benefit entitlements will be regularly reviewed and:

� any further evidence is to be provided by you as the Insurer requires; and

� the Insurer may conduct a reconciliation of benefits to determine any overpayment or

underpayment in each year; and

� from 1 July 2016, where an overpayment is identified that arises from, or is contributed to

by, you providing incorrect information or failing to provide information:

� the Insurer will provide us with written notice that it wishes to seek recovery of the

overpayment and evidence as reasonably required that the overpayment arose from, or was

contributed to, by you providing incorrect information or failing to provide information; and

� subject to the Insurer proving to our reasonable satisfaction that the overpayment arose

from, or was contributed to, by you providing incorrect information or failing to provide

information, either:

� we may at our discretion either:

28

� appoint the Insurer as our agent to recover at the Insurer's discretion the amount of the

overpayment (irrespective of when the overpayment arose) and the Insurer may retain any

such amounts it recovers; or

� pay the Insurer the amount of the overpayment; or

� the Insurer may, after consulting with us, instead recover the amount of the overpayment by

offsetting it against any amounts that may subsequently become due in respect of you

under the Policy, including any TPD or Terminal Illness Benefit.

29

Definitions

Introduction

You can find the specific details about the terms and conditions of your insurance in the MLC Master

Policy. Just call us and we’ll send you a copy.

Accident

Means an event where bodily Injury is caused directly and solely by external and visible means,

independent of all other causes.

Accidental Death

Means death directly and independently of any other cause from an unforeseen and unintended

accident happening to the Insured Member and caused by violent, external and visible means.

Accidental TPD

Means total and permanent disablement arising directly and independently of any other cause from

an unforeseen and unintended accident happening to the Insured Member and caused by violent,

external and visible means.

Activities of Daily Living

Means:

(a) bathing and showering

(b) dressing and undressing

(c) eating and drinking

(d) using a toilet to maintain personal hygiene;

(e) moving from place to place by walking, wheelchair or with assistance of a walking aid.

Actual Monthly Income

Means, for Ex-Employer Super Insured Members, Ex-Employer Super Personal Option Insured

Members, Ex-Super Solutions Employer Service Insured Members and Ex-Super Solutions Employer

Service Personal Option Insured Members:

i. where you are self-employed, a working director or a partner in a partnership, the income

generated by the business or practice due your personal exertion or activities less your share

of necessarily incurred business expenses, during the relevant previous 28 days; or

ii. otherwise, the total value of remuneration paid to you by an employer, including salary,

fees, regular commission, regular bonuses, regular overtime and fringe benefits earned,

during the relevant previous 28 days.

30

Approved Country

Means Australia, Belgium, Canada, Denmark, France, Germany, Hong Kong, Italy, Japan,

Netherlands, New Zealand, Singapore, Sweden, the United Kingdom, the United States of America or

any other country which the Insurer may agree in writing.

At Work

Means:

i. for cover commencing, or increases to cover occurring, before 5 December 2014:

You are at work for your normal daily hours of work and are actively performing the full

duties of your normal Occupation for which you were employed or would have been had the

day not been a day of leave (other than due to Illness or Injury), public holiday or weekend

day.

ii. for new cover commencing, or increases to existing cover occurring, on or after 5 December

2014:

You are actively performing, or capable of actively performing all of the duties of your usual

occupation with your employer for at least 30 hours per week and are performing your

duties free from any limitation due to Illness or Injury.

Australian Resident

Means a person who is an Australian citizen, or has come to Australia to live and has a current and

valid Australian visa permitting employment in Australia.

(A person who goes overseas temporarily is an Australian Resident for the purpose of this

definition.)

Automatic Cover

Means cover provided without Evidence of Insurability except for cover provided under the Future

Insurance Benefit terms.

Benefit

Means any of the Death, Terminal Illness, TPD, Interim Accident and Income Protection Benefits

(comprising Total Disability, Partial Disability, Rehabilitation Expense, Superannuation Contribution,

Bereavement and Interim Disability Accident Benefits) payable under the Policy.

Benefit Period

Means, in respect of Income Protection Benefits, the maximum period for which Total Disability

Benefits and Partial Disability Benefits combined may be payable. The Benefit Period commences

on the first day of the Insured Member's Total or Partial Disability after the end of the Insured

Member's Waiting Period.

31

Benefit Review Date

Means, in respect of Income Protection Benefits, the anniversary of the commencement of the

continuous payment of the Total Disability Benefits and Partial Disability Benefits combined in

respect of an Insured Member.

Casual Employment

Means being engaged in employment of a temporary nature (other than on a contract basis through

an employment agency) where continuity of employment is not guaranteed by the employer,

regardless of hours worked or the period of employment.

Covered Employment

Means, for Income Protection Benefits cover, the Insured Member is engaged in:

(a) Permanent Full Time Employment;

(b) Permanent Part Time Employment working at least 15 hours per week; or

(c) Fixed-term Contract Employment working at least 15 hours per week,

in an Occupation that is not a Special Risk Occupation or Uninsurable Occupation.

CPI

Means the Consumer Price Index (weighted average of eight capital cities combined) as published by

the Australian Bureau of Statistics or its successor.

This is based on the 12-month period concluding at the end of the last quarter prior to the Benefit

Review Date. If the index is not published, the increase shall be calculated by reference to another

retail price index that most nearly replaces it (in the Insurer’s opinion).

Date of Claim

Means, for a:

Terminal Illness Benefit

� On and from 1 April 2016, the date, or if two different dates, the later of the dates, on which

two registered medical practitioners, at least one of whom is a specialist practicing in an area

related to the Illness or Injury suffered by you, certify that your life expectancy is reduced to

less than 24 months;

� From 1 July 2014 to 1 April 2016, the date, or if two different dates, the later of the dates, on

which two registered medical practitioners, at least one of whom is a specialist practicing in an

area related to the Illness suffered by you, certify that your life expectancy is reduced to less

than 12 months; or

� Prior to 1 July 2014, the date the Insurer receives medical evidence which supported the view

that your life expectancy is reduced to less than 12 months. However, if:

(a) you suffer an Illness which would be reasonably expected to reduce your life

expectancy, to less than 12 months, while covered for an Insured Death

Benefit; and

32

(b) the Insurer receives the medical evidence (referred to earlier) after cover has ceased

in respect of you, then the Date of Claim will be taken to be the date cover ceased.

Death Benefit: the date of your death.

Interim Accident Benefit: the date of the accident directly and independently causing the Death.

Income Protection Benefit: the later of:

� the first day of the first period of 14 consecutive days that you are Totally Disabled; and

� the date on which you first receive medical advice and are confirmed by a Doctor to suffer

from an Illness or Injury that is the cause of the Total Disability.

TPD Benefit or Interim Accident Benefit for Accidental TPD

� Under the 'Specific Loss' TPD definition, the date on which the Insured Member first suffered

the Specific Loss;

� under the 'Activities of Daily Living' TPD definition, the date on which the Insured Member

becomes totally and permanently unable to perform at least two of the five Activities of Daily

Living;

� under the 'Cognitive Impairment' TPD definition, the date on which the Insured Member first

suffers total and irreversible cognitive impairment requiring ongoing continuous care and

supervision of another adult; or

� for all other TPD definitions, the first day of the six consecutive month period that the Insured

Member is absent from his/her Occupation through Sickness or Injury.

Death Benefit

A lump sum paid in the event of your death or Terminal Illness, subject to the provisions in the MLC

Master Policy. The amount of the Death Benefit will be determined on the relevant Date of Claim.

Employed/Employment

Means you are engaged in Permanent Full-time Employment, Permanent Part-time Employment,

Fixed-term Contract Employment, or (on and from 21 November 2011) Casual Employment, or (on

or from 29 November 2013) Seasonal Employment or Contract Employment.

Evidence of Insurability

Means a completed personal statement or other form as the Insurer may require and any other

evidence of health or insurability that the Insurer may require such as medical examinations and

reports, medical tests and health and activity statements and information about Occupation,

location, finances, lifestyle and leisure activity.

Excluded Employment

Means, for Income Protection cover, you are:

(a) engaged in Employment working less than 15 hours per week;

(b) engaged in Casual Employment;

33

(c) engaged in Seasonal or Contract Employment, unless you commenced cover prior to 31

October 2000;

(d) engaged in a Special Risk Occupation or Uninsurable Occupation;

(e) a Homemaker

Fixed-term Contract Employment

Means a person engaged for a fixed period of employment of at least three months’ duration, which

was determined at the start of your employment.

You must also be entitled to conditions and benefits such as leave, sick leave and superannuation

normally associated with Permanent Full-time Employment.

Full Capacity

Means engaging in the normal level and nature of work undertaken by you prior to suffering from a

Total Disability.

Heath Condition

Means any physical or mental condition, Illness or Injury however arising or caused.

Homemaker

Means an Insured Member who:

(a) is not in paid Employment and has been classified by the Insurer as occupation category

Homemaker when underwritten; or

(b) permanently or temporarily ceases work for the purpose of performing all Normal Physical

Domestic Household Duties and not due to Injury, Illness or unemployment and who has not

resumed paid Employment.

Illness

Means a sickness, disease or disorder.

Important Duties

Means the duties essential in producing a Salary.

Income Protection Benefit

Means one or more of a Total Disability, Partial Disability, Interim Disability Accident, Bereavement,

Superannuation Contribution or Rehabilitation Expense Benefit.

The amount of the Total Disability or Partial Disability Benefit will be determined based on your

agreed benefit, subject to the maximum monthly benefit, your Monthly Income at the Date of Claim

and your Benefit Period.

Insurable Occupation

Means an Occupation that is not an Uninsurable Occupation.

34

Insured Member

Means a person who has been accepted for insurance by the Insurer under the terms of the MLC

Master Policy and whose cover has not ceased.

Interim Accident Benefit

Means the Interim Accident Benefit described in the section of this Insurance Guide titled 'Interim

Accident Insurance'.

Interim Disability Accident Benefit

Means the Interim Disability Accident Benefit described in the section of this Insurance Guide titled

'Interim Disability Accident Insurance'.

Leave of Absence

Means maternity leave, paternity leave, or other employer approved extended leave, but does not

include leave to join any armed forces, excluding the Australian Defence Force Reserves not

deployed overseas, or leave leading to engagement in other gainful employment or business activity,

unless otherwise specified in the Policy or agreed to in writing with the Insurer.

Major Brain Injury

Means physical head injury that results in permanent loss of at least 25% of either the brain's mental

function or its physical control function.

Medical Practitioner or Doctor

Means:

i. prior to 5 December 2014, a registered medical practitioner who is acceptable to the Insurer

and who is not you or your spouse, family member, business partner, employee or

employer;

ii. on and from 5 December 2014, a registered medical practitioner who is qualified in an

appropriate specialty and who is not you or your Relative, business partner, employee or

employer.

Monthly Income

Means, for Ex-Employer Super Insured Members, Ex-Employer Super Personal Option Insured

Members, Ex-Super Solutions Employer Service Insured Members and Ex-Super Solutions Employer

Service Personal Option Insured Members:

i. where you are self-employed, a working director or a partner in a partnership, 1/12th of the

income generated by the business or practice due to your personal exertion or activities less

your share of necessarily incurred business expenses, for the previous 12 months prior to

you becoming disabled; or

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ii. otherwise, 1/12th of the total value of remuneration paid to you by an employer, including

salary, fees, regular commission, regular bonuses, regular overtime and fringe benefits

earned, over the last 12 months prior to you becoming disabled.

New Events Cover

Means cover for a Health Condition which is not a Pre-existing Condition.

Normal Physical Domestic Household Activities

Means:

(a) cleaning the family home;

(b) shopping for food or household items;

(c) meal preparation and laundry services;

(d) looking after dependent children under the age of 16 years or in full time secondary

education, where applicable.

Occupation

Means your profession, trade, line of work, vocation, calling or other occupation at the relevant

time, or if you have more than one such occupation, the main occupation at the relevant time

(whether engaged in with one or more employers). If you are not Employed, it means the main

occupation you engaged in immediately prior to not being Employed.

Partial Disability

Means, solely by reason of Illness or Injury, you are working in a restricted capacity in your usual

Occupation or a different Occupation, earning Actual Monthly Income less than your Pre-Disability

Monthly Income and under the regular care and following the regular and reasonable advice for

treatment from, a Doctor in relation to that Illness or Injury.

Permanent Full-time Employment

Means being engaged in permanent employment for a minimum of 30 hours per week where the

employer guarantees continuity of employment and where that person is entitled to conditions and

benefits normally associated with full time employment.

Permanent Part-time Employment

Means being engaged in permanent employment for only part of the normal working day or week

(irrespective of the number of hours worked) and being entitled to conditions and benefits normally

associated with Permanent Full- time Employment but on a pro-rata basis.

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Pre-Disability Income

Means for Ex- Employer Super Insured Members, Ex- Employer Super Personal Option Insured

Members, Ex-Super Solutions Employer Service Insured Members and Ex-Super Solutions Employer

Service Personal Option Insured Members:

i. where you are self-employed, a working director or a partner in a partnership, the income

generated by the business or practice due your personal exertion or activities less your share

of necessarily incurred business expenses, prior to you becoming disabled; or

ii. otherwise, the total value of remuneration paid to you by an employer, including salary,

fees, regular commission, regular bonuses, regular overtime and fringe benefits earned,

prior to you becoming disabled.

Pre-existing Condition

Means a Health Condition that existed prior to the commencement of your insurance or variation in

insurance, of which you were aware before becoming insured or before the variation in your

insurance, or of which a reasonable person in the circumstances could have been expected to have

been aware.

Quadriplegia

Means the permanent and total loss of use of both arms and both legs resulting from an Injury.

Relative

Means parent, child, spouse, de facto spouse, brother or sister

Restricted Monthly Income

Means (in respect of the Income Protection Benefit terms) only that part of the Monthly Income that

has been taken into account to derive either the maximum monthly benefit where the maximum

monthly benefit applies to you or the automatic acceptance limit where your monthly benefit is

restricted to that limit.

Seasonal or Short-term Contract Employment

Means you are not in Fixed-term Contract Employment but are employed or contracted:

� in your own name;

� in your business name; or

� through an agency;

to complete a specific job without guarantee of continuity of employment, irrespective of the hours

worked or the period of employment.

Sickness

Means a sickness, disorder or disease suffered by the Insured Member.

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Special Risk Occupation

Means a hazardous occupation or an occupation which presents special difficulties in assessing the

Insurer's risk as described in the most recent 'Occupation Guide', as amended and published by the

Insurer from time to time.

Superannuation Contribution Benefit

Means a benefit paid monthly in arrears into your MLC MasterKey Business Super account or

another complying superannuation fund of your choice, while you are Totally Disabled or Partially

Disabled. The amount of monthly benefit will be determined based on your agreed benefit, subject

to the maximum monthly benefit and your Monthly Income at the Date of Claim.

Super Contribution Benefit Percentage

Means the percentage equal to the percentage paid by the participating employer as the

superannuation contribution in respect of you, as nominated by the employer and accepted by the

Insurer.

Terminal Illness

Means:

(a) for a Date of Claim on or after 1 April 2016:

i. you suffer a Sickness or Injury that two registered medical practitioners (at least one

of whom is a specialist practising in an area related to the Sickness or Injury suffered

by you) have certified, jointly or separately, is likely to result in your death within a

period (Certification Period) that ends not more than 24 months after the date of

the certification; and

ii. the Certification Period in each of the certificates has not yet expired; and

iii. the reduced life expectancy occurs while you are covered for an insured Death

Benefit under the Policy.

(b) for a Date of Claim between 1 July 2014 and 1 April 2016:

i. you suffer a Sickness that two registered medical practitioners (at least one of

whom is a specialist practising in an area related to the Sickness or Injury suffered

by you) have certified, jointly or separately, is likely to result in your death of the

person within a period (Certification Period) that ends not more than 12 months

after the date of the certification; and

ii. the Certification Period in each of the certificates has not yet expired; and

iii. the reduced life expectancy occurs while you are covered for an insured Death

Benefit under the Policy.

(c) for a Date of Claim before 1 July 2014, you suffer a Sickness which in the Insurer’s opinion,

after consideration of medical evidence, would reasonably be expected to reduce your life

expectancy to less than 12 months.

The reduced life expectancy must occur while you are covered for an insured Death Benefit under

the Policy.

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Total Disability

Means:

� if you ceased work before 1 April 2009 by reason of Illness or Injury, in the Insurer's opinion,

you being continuously:

� unable to perform your Occupation solely by reason of Illness or Injury; not otherwise

gainfully employed or engaged in any gainful business activity; and are under the care of

and following the regular and continuous advice for treatment from a Doctor in relation

to that Illness or Injury;

� if your cover commenced before 12 December 2011 and you cease work on or after 1 April

2009 by reason of Illness or Injury, in the Insurer's opinion, you being continuously:

� unable solely by reason of Illness or Injury to perform the Important Duties of your

Occupation; not otherwise gainfully employed or engaged in any gainful business

activity; and under the care of and following the regular and continuous advice for

treatment from a Doctor in relation to that Illness or Injury;

� if your cover commenced on or after 12 December 2011 and you ceased work between 12

December 2011 and 1 July 2016, in the Insurer's opinion, you being continuously:

� unable solely by reason of Illness or Injury to perform the Important Duties of your

Occupation; not otherwise employed or engaged in any Occupation (whether paid or

unpaid); and under the care of and following the regular and continuous advice for

treatment from a Doctor in relation to that Illness or Injury;

� if your cover commenced on or after 12 December 2011 and you cease work by reason of

Illness or Injury on or after 1 July 2016, in the Insurer's opinion, you being continuously:

� unable to perform the Important Duties of your Occupation solely by reason of Illness or

Injury; not otherwise employed or engaged in any Occupation (whether paid or unpaid);

and under the care of and following the regular and continuous advice for treatment

from a Doctor in relation to that Illness or Injury.

Total and Permanent Disablement Benefit or TPD Benefit

A lump sum benefit payable in the event of you becoming Totally and Permanently Disabled, subject

to the provisions of the MLC Master Policy. At the time of the claim, the Insured Member will be

assessed on the TPD definition applicable prior to the Sickness or Injury which caused the disability.

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Totally and Permanently Disabled

Ex-Aviva Members

Category 1 - Permanently and Gainfully Employed for at least 15 hours per week

You can be assessed under any definition which applies to you.

In relation to cover commencing on or before 20 November 2012, where the

Date of Claim is:

� at any time:

� Specific loss: TPD means you have suffered the total and irrecoverable

loss of the sight of both eyes, or the use of two limbs or the sight of one

eye and the use of one limb. Limb is defined as one whole hand or one

whole foot.

� Activities of Daily Living: TPD means, as a result of Sickness or Injury,

you are totally and permanently unable to perform at least two of the

Activities of Daily Living.

� Cognitive impairment: TPD means you are totally and irreversibly

suffering a cognitive impairment requiring ongoing continuous care and

supervision of another adult.

� before 5 December 2014:

� Any occupation – ETE: TPD means you have been absent from your

Occupation solely through Injury or Sickness for six consecutive months

and being incapacitated to such an extent that based on medical and

other relevant evidence, as at the end of the six month period you were

unlikely ever to engage in any gainful profession, trade or occupation for

which you are reasonably qualified by reason of education, training or

experience.

� Any occupation – ETER: TPD means you:

� have been absent from your occupation solely through Injury or

Sickness for six consecutive months;

� have been regularly attending an appropriately qualified Medical

Practitioner and undertaking medical treatment reasonably

recommended by an appropriately qualified Medical Practitioner

with respect to that Sickness or Injury since ceasing work in your

occupation solely through Sickness or Injury; and

� are incapacitated to such an extent that, in the Insurer's opinion,

after consideration of medical and other relevant evidence, you

were, at the end of the initial six consecutive month period of

absence from your occupation, unable to ever engage in work in any

occupation on a full-time or part-time basis, for which you are

reasonably suited by education, training or experience.

For the purposes of this definition ‘medical and other relevant evidence’

includes, but is not limited to:

(i) the prospect of improvement in your capacity after treatment and

rehabilitation that could reasonably be expected to be undertaken

by you, and

(ii) whether reasonable retraining or reskilling would render you able

to engage in or work in any occupation on a full-time or part-time

basis.

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Category 2 -

Under age 65 AND

Permanently and Gainfully Employed at least 15 hours per week AND

have a professional occupation class of AAA or clerical occupation class of AA; AND

accepted for 'Own Occupation' definition

You can be assessed under any definition which applies to you.

In relation to cover commencing on or before 20 November 2012, where the

Date of Claim is:

• at any time:

• Specific loss: TPD means you have suffered the total and irrecoverable loss

of the sight of both eyes, or the use of two limbs or the sight of one eye

and the use of one limb. Limb is defined as one whole hand or one whole

foot.

• Own Occupation: you are unable to perform your own occupation for an

uninterrupted period of at least six months due to Sickness or Injury and

the Insurer believes, after consideration of medical and any other

evidence, that you are so disabled that you are unlikely ever to be able to

perform your own occupation. Own occupation for this purpose means

the occupation you were engaged in immediately prior to becoming totally

and permanently disabled.

• Activities of Daily Living: TPD means, (as a result of Sickness or Injury),

you are totally and permanently unable to perform at least two of the

Activities of Daily Living.

• Cognitive impairment: TPD means you are totally and irreversibly suffering

a cognitive impairment requiring ongoing continuous care and supervision

of another adult.

Category 3 –

Employed on a basis other than permanently and Gainfully Employed for at least 15 hours per week (including casual employment); OR

aged 65 or over

You can be assessed under any definition which applies to you.

In relation to cover commencing on or before 20 November 2012:

� Specific loss: TPD means you have suffered the total and irrecoverable loss

of the sight of both eyes, or the use of two limbs or the sight of one eye and

the use of one limb. Limb is defined as one whole hand or one whole foot.

� Activities of Daily Living: TPD means, (as a result of Sickness or Injury), you

are totally and permanently unable to perform at least two of the Activities

of Daily Living.

� Cognitive impairment: TPD means you are totally and irreversibly suffering

a cognitive impairment requiring ongoing continuous care and supervision

of another adult.

Category 4 –

Not Gainfully Employed

You can be assessed under any definition which applies to you.

In relation to cover commencing on or before 20 November 2012, where the

Date of Claim is at any time:

� Specific loss: TPD means you have suffered the total and irrecoverable loss

of the sight of both eyes, or the use of two limbs or the sight of one eye and

the use of one limb. Limb is defined as one whole hand or one whole foot.

� Home duties: You have, for an uninterrupted period of six months, been

under medical supervision with complete inability to perform the majority

of Normal Physical Domestic Household Duties and the Insurer believes,

after consideration of medical and any other relevant evidence, you are

unlikely ever to recover.

� Activities of Daily Living: TPD means, as a result of Sickness or Injury, you

are totally and permanently unable to perform at least two of the Activities

of Daily Living.

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Uninsurable Occupation

Means an Occupation so hazardous that the Insurer is unable to accept the risk, as notified by the

Insurer to the Trustee from time to time.

Waiting Period

Means the period that you are Totally Disabled or Partially Disabled during which no Total Disability

or Partial Disability Benefits are payable. The Waiting Period starts on the Date of Claim and

requires the Insured Member to be Totally Disabled for at least 14 consecutive days from the start of

the Waiting Period.

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For more information visit mlc.com.au or

call us from anywhere in Australia on 132 652 or

contact your financial adviser.

Postal address

PO Box 200

North Sydney NSW 2059

Registered office

Ground Floor, MLC Building

105 – 153 Miller Street

North Sydney NSW 2060

Website

mlc.com.au