• The Life Assured is on maternity leave from their Usual Occupation .
You must notify Us in writing when the Total Premium is to be waived.
This waiver will cease when a total of six (6) months Total Premiums, including any Total Premiums waived during an earlier pregnancy have been waived. If the Policy Schedule shows that You have selected the Involuntary Redundancy Benefit option, during the term of this Benefit We will pay a Benefit for each full month following the Involuntary Redundancy (as defined in Clause 10 “ Optional Involuntary Redundancy Benefit ” under Section D below) of the Life Assured up to a maximum period of six (6) months, or until the Life Assured has commenced alternative employment whichever is the earlier. This Benefit is a monthly Benefit paid in arrears and will commence after the first thirty (30) days of any period of total unemployment. Benefit payments will be made upon receipt of proof acceptable to Us that the Life Assured remains unemployed and is registered with Work and Income New Zealand, or any subsequent Government Employment Agency and is actively seeking employment. The maximum monthly payment is the monthly Benefit specified in the Policy Schedule or $2,500 whichever is the lesser (Per Life Assured ). If You have more than one (1) Optional Involuntary Redundancy Benefit this will be subject to a maximum monthly payment of the monthly Benefit specified in the Policy Schedule or $2,500 (Per Life Assured ) whichever is the lesser. The Life Assured must return to work for a period of at least twelve (12) consecutive months prior to making another claim on the Optional Involuntary Redundancy Benefit . The Optional Involuntary Redundancy Benefit is payable for a total maximum of twelve (12) months per Policy . The annual Total Premium or instalment of the Total Premium is payable for the entire duration of the Benefit together with any increases in premium applicable for the Inflation Adjustable Benefit . If the Policy Schedule shows that You have selected a Level Premium, We will not do any age recalculation during the duration of the Policy . In all other cases, Your Income Protection Benefit Premium specified in the Policy Schedule will be recalculated every year in accordance with the Premium Step specified in the Policy Schedule , based on the age of the Life Assured at that time. Please note that the underlying Premium Rates are not guaranteed and are subject to review with effect from the next Period of Assurance, regardless of whether an age recalculation takes place at that point or not.
OPTIONAL INVOLUNTARY REDUNDANCY BENEFIT
22
PREMIUM
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PC-IP LOE Premier- 05/2026
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