Axa Australia will continue to provide life insurance to VicSuper members and will offer a number of enhancements as part of the new contract.

It has held the account since 1994, but the new contract will have reduced premiums for the 250,000 fund members, Axa Head of Group Insurance Robert Bergin says.

As part of the new agreement, the members’ level of insurance will increase by 33% and they can further raise their cover when a major change in their life occurs.

“We often see members who want to increase their level of cover after a major life event such as buying a home or having children,” Mr Bergin said.

“This new feature facilitates more cover without additional health evidence.”

The new contract also includes the introduction of default income protection insurance for members.

Axa is now providing group life insurance to more than 600,000 superannuation fund members and in the past two years has paid more than $200 million in claims.