AustralianSuper is reducing average premiums on various life insurance covers by up to 20% from May, meaning fund members will pay $100 million less for group policies.

Death cover premiums will fall an average of 14%, total and permanent disability 6% and income protection 20%.

“This premium reduction for the industry division will benefit the overwhelming majority of members and no member will have a premium increase,” Group Executive of Membership Rose Kerlin said.

AustralianSuper has also signed on to the voluntary Insurance in Superannuation Code of Practice, which starts on July 1.