All regular, full time, permanent, employees and part time, permanent employees, working 15 or more hours per week, are eligible to participate in the Dell/EMC AMP Custom Super arrangement and for the Life insurance provided therein.
Death and Total Permanent Disability (TPD) coverage is extended through Dell/EMC’s AMP Custom Super arrangement. Employees that do not elect to participate in the Dell/EMC Superannuation Plan will not be eligible for death and TPD Insurance via AMP. Depending on the alternative superannuation plan you select, you may be able to arrange life cover through that plan at your own cost.
Automatic Acceptance Limit
The policy has an Automatic Acceptance Level of AUD $1.5 Mil . You are automatically insured to your 4 time’s salary multiples. Employees with salary above the indicated threshold will be subject to underwriting requirement basis which coverage will be determined.
You or your beneficiaries will receive a lump sum payment of four (4) times your annual salary including base salary and target bonus in the event of death or disablement while in the service of VMware due to illness or injury. Employees with salary above the free cover limit listed above will be subject to underwriting requirements and may need to undergo a medical examination. You may elect to purchase insurance for your spouse, however, this will be at your own cost.
Following your commencement, you will receive a package setting out full details of the Dell/EMC Australia Superannuation Plan benefits and entitlements. You must complete and return the forms within 60 days from your date of hire to enroll in the Dell/EMC Australia Superannuation Plan and the Life Insurance included therein.
You will automatically be insured for amounts under the free cover limit listed above. To qualify for insurance amounts exceeding the automatic acceptance limit you may need to undergo a medical examination. AMP will contact you within your first month to provide you with details.
VMware pays 50% of the premium costs for Life Insurance & TPD. The remaining 50% would get deducted from your super account balance maintained with AMP Custom super.
When Coverage Begins
Coverage under Life Insurance will begin upon enrollment in the Dell/EMC Superannuation Plan benefits and entitlements. Members who are not yet age 60 at the date they left their Custom Super employer, and who had TPD and Total Salary Continuance (TSC) coverage in their Custom Super plan will continue to have that coverage for the same amount they had within Custom Super.
When Coverage Ends
There will be some differences in your new super arrangement because you’re no longer part of the Dell EMC Superannuation plan. For example, VMware will cease their funding of any insurance cover and personal insurance premiums rather than group insurance premiums will apply.
AMP will send you details of your new account and the options available to you. Your account balance will remain invested in the Dell EMC Super Plan until the date AMP transfer it into your new personal super arrangement.