Total and Permanent Disablement (TPD)

HIP Super also has optional TPD cover.  This extra cover will provide members with the option to receive a lump sum of $50,000, up to a maximum of $250,000, in the event that they become totally and permanently disabled. 

As TPD insurance is optional, you must apply before receiving this cover.

 

TPD benefit features

HIP will pay the total and permanent disability benefit (if it applies) if the member becomes totally and permanently disabled, but only if the member first suffered total and permanent as a result of the injury or illness while the policy is in force, and before the first to occur of:

 

  1.  the cover ending;
  2.  the member becoming terminally ill;
  3. (where the policy has ended) the date the member returns to work, whether on a full time or part time basis;
  4. the date the member turns 65.

Premium Schedule

It should be noted there is a linear reduction of 20% per year in the amount of benefit paid (and premium charged) commencing at age 60, reducing to zero cover at age 65.  

The premium will be based in the number of units of cover, up to a maximum of five and your gender. Please refer to the Premium Schedule below.

Age Next Birthday Monthly Premium ($) per Unit Females Monthly Premium ($) per Unit Males  Sum  Insured
Up to 20 0.29 0.64 $50,000
21 0.33 0.71 $50,000
22 0.36 0.78 $50,000 

23

0.38

 0.83 $50,000 
24 0.39 0.86 $50,000
25 0.41 0.89 $50,000 
26 0.42 0.92 $50,000 
27 0.44 0.96 $50,000 
28 0.49 1.01 $50,000 
29 0.56 1.08 $50,000 
30 0.62 1.15 $50,000 
31 0.71 1.22 $50,000 
32 0.81 1.31 $50,000 
33 0.95 1.42 $50,000 
34 1.10 1.56 $50,000 
35 1.28 1.70 $50,000
36 1.49 1.84 $50,000 
37 1.73 2.00 $50,000 
38 2.02 2.21 $50,000 
39 2.36 2.47 $50,000 
40 2.73 2.77 $50,000 
41 3.21 3.17 $50,000 
42 3.73 3.63 $50,000 
43 4.24 4.18 $50,000 
44 4.75 4.83 $50,000 
45 5.28 5.58 $50,000 
46 5.84 6.36 $50,000 
47 6.53 7.24 $50,000 
48 7.40 8.25 $50,000 
49 8.48 9.39 $50,000 
50 9.75 10.68 $50,000 
51 11.18 12.13 $50,000 
52 12.69 13.75 $50,000 
53 14.27 15.55 $50,000 
54 15.94 17.57 $50,000 
55 17.53 19.57 $50,000 
56 19.06 21.56 $50,000 
57 20.67 23.85 $50,000 
58 22.31 26.55 $50,000 
59 24.03 29.67 $50,000 
60 25.86 33.18 $50,000 
61 27.90 37.09 $50,000
62 24.29 33.11 $40,000
63 20.07 27.62 $30,000
64 14.86 20.42 $20,000
65 8.27 11.32 $10,000

For more information and to apply for TPD, please refer to HIP's Insurance Booklet.