Your basic level of insurance
If you are a permanent employee of Oracle and you meet the eligibility criteria as detailed in the Product Disclosure Statement, you are also provided with insurance if you become totally and permanently disabled, as defined in the insurance policy. You will not be eligible for this insurance cover if you have elected to have your superannuation contributions paid to another fund under Choice of Fund legislation.
The basic insured amount on total and permanent disablement is calculated as:
Prior to age 55, your basic insured amount is calculated as: Five times your annual Base Salary at the date you become disabled
| Age at disablement |
Multiple of Base Salary |
Age at disablement |
Multiple of Base Salary |
| 55 | 4.5 | 60 | 2.0 |
| 56 | 4.0 | 61 | 1.5 |
| 57 | 3.5 | 62 | 1.0 |
| 58 | 3.0 | 63 | 0.5 |
| 59 | 2.5 | 64 | 0.0 |
Any insurance is added to your total accounts if a total and permanent disablement benefit is paid.
The information provided above is a summary only. You should refer to the PDS and Insurance in your super guide for more information regarding eligibility and terms and conditions that apply to the insurance benefits provided through the Fund. Your disablement benefit will be reduced by any amount of insurance that the Trustee is unable to arrange or claim.