Income Protection Benefit. Subject to the requirements of Section II. below, if you apply the Income Protection Benefit Rider to an Income Plan, we guarantee that the income payments you receive under such Income Plan will never be less than 85% of the Initial Variable Amount Income Value ("Income Protection Benefit") described in your Contract for that Income Plan.
Income Protection Benefit. It is intended that this income protection scheme should provide a level of cover for workers that are injured outside of the workplace. The benefit provides for loss of an eligible apprentices/trainees (employee) income as a consequence of injury or sickness which causes total disablement or partial disablement to the apprentice/trainee. Temporary partial disablement A disablement resulting from injury or illness which prevents an employee from carrying out a substantial part of the normal duties of the employee’s usual occupation or suitable other duties. In the event that a disabled employee is deemed to be able to attend to a part of his/her usual duties by a qualified medical practitioner but as a result of his/her injuries and the percentage of work he or she is therefore able to carry out, there is no work available to suit such an employee’s abilities at that time, we will then deem that employee to be temporarily totally disabled and pay the appropriate level of benefit as set out in the schedule. As soon as suitable employment becomes available and if temporary partial disablement continues, the employee’s benefits will revert to those available under temporary partial disablement. The total maximum benefit period offered for any injury or illness of an employee will always be limited to 52 weeks. Temporary total disablement A disablement resulting from injury or illness which entirely prevents an employee from carrying out all the normal duties of the employee’s occupation. We will provide an income protection benefit if during the apprentices/trainees employment they suffer an injury or illness and: there is no entitlement to benefits under any statutory workers compensation scheme, and We will pay the benefits shown in the compensation table if the conditions shown: are a result of injury or illness occurring outside working hours are not covered by any statutory workers compensation scheme, and are not covered by any statutory transport accident scheme, and fall within the terms and conditions of this benefit and only to the extent they are not receiving any other form of income or lump sum as a result of their temporary total disablement. Benefit coverage Coverage under either of these benefits will cease immediately on the day that: an employee ceases employment with The Company; and or an employee has requested extended leave without pay When must an injury or sickness happen for an employee to be covered an injury must b...
