Document ID: chunk:federal_register_of_legislation:F2023L00599:body:0:p5
Version: federal_register_of_legislation:F2023L00599
Segment Type: other
Provision Reference: 
Character Range: 11546–15310

Annuities providing periodic payments that are dependent on the continuance of human life.

L3      Individual death – Stepped premium                          Death benefit within policies issued on an individual basis with stepped premium.

L3_1    Individual lump sum risk – Stepped premium                  Lump sum benefit within policies issued on an individual basis with stepped premium. Lump sum benefit includes death, TPD and trauma benefits.

L4      Individual TPD – Stepped premium                            TPD benefit within policies issued on an individual basis with stepped premium.

L5      Individual trauma – Stepped premium                         Trauma benefit within policies issued on an individual basis with stepped premium

L6      Individual disability income insurance – Stepped premium    Disability income insurance benefit within policies issued on an individual basis with stepped premium.

L7      Individual death – Other                                    Death benefit within policies issued on an individual basis with non-stepped premium.

L7_1    Individual lump sum risk – Other                            Lump sum benefit within policies issued on an individual basis with non-stepped premium. Lump sum benefit includes death, TPD and trauma benefits.

L8      Individual TPD – Other                                      TPD benefit within policies issued on an individual basis with non-stepped premium.

L9      Individual trauma – Other                                   Trauma benefit within policies issued on an individual basis with non-stepped premium

L10     Individual disability income insurance – Other              Disability income insurance benefit within policies issued on an individual basis with non-stepped premium.

L11     Group death                                                 Death benefit within policies issued on a group  (wholesale) basis.

L11_1   Group lump sum risk                                         Lump sum benefit within policies issued on a group (wholesale) basis. Lump sum benefit includes death, TPD and trauma benefits.

L12     Group TPD                                                   TPD benefit within policies issued on a group (wholesale) basis.

L13     Group trauma                                                Trauma benefit within policies issued on a group (wholesale) basis.

L14     Group disability income insurance                           Disability income insurance benefit within policies issued on a group (wholesale) basis.

L15     Investment linked                                           Investment linked policies where policy benefits are associated with the performance of the supporting assets.

L16     Investment policy with discretionary additions              Investment account business within the meaning of section 14 of the Life Act.

L17     Other investment policy                                     Includes all other investment policies not specifically categories in L15 and L16.

L18     Annuity without longevity risk                              Annuities providing periodic payments that are not dependent on the continuance of human life.

L19     Other                                                       Includes all other policies not specifically categories above. However, do not use this Product Group unless APRA has been consulted beforehand.

Refer to Reporting Standard LRS 750.0 Claims and Disputes (LRS 750.0) for the definitions of 'Death', 'TPD', 'Trauma' and 'DII'.

Refer to LRS 750.0 for the definitions of 'Group' and 'Individual'.

Stepped premium policies are the policies where premiums increase each year according to risk factors (i.e. age). Other individual policies are the individual