Intrust Super has negotiated a 12% cut in premiums for its group life income protection policy PayGuard.

Fund CEO Brendan O’Farrell says the reduction will take effect on October 1 along with other enhancements.

Premiums will fall from 0.7% to 0.615% of gross income, or $7 per $1000 of cover to $6.15.

The policy will continue to cover up to 90% of members’ wages plus an additional 10% of the paid benefit contributed to their super accounts.

“We understand the importance of not only protecting our members and their families, but also their super balances,” Mr O’Farrell said. “Intrust Super continues to work hard to deliver insurance that meets our members’ needs on a cost, coverage and accessibility basis.”