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Income Protection Insurance Jargon Buster
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RETURN TO WORK BENEFIT: Section 8 Policy Terms and Conditions
If you are eligible for incapacity benefit, you may also be eligible for return to work benefit. If you have made a successful incapacity claim for at least one full monthly benefit under this policy and:
- You have not received the maximum benefit period selected for incapacity; and
- You have returned to part-time work with your usual employer immediately after your doctor confirms you are certified fit for work; and
- You are receiving less than your usual basic salary from your employer;
We will pay you the difference between your usual basic salary from your employer immediately before the incident date, and your new salary, up to your maximum monthly benefit, less any state benefits as appropriate, providing that any reduction in pay is as a direct result of working reduced hours, due to the condition resulting in your incapacity claim.
REDUNDANCY PACKAGE (Involuntary)
You are not eligible to apply for unemployment benefit for any period for which you are in receipt of payment in lieu of notice and this includes any compensation payment made for loss of office, including, but not limited to any payments made as compensation under a compromise agreement or redundancy package.
For example, If you are in receipt of a redundancy package equivalent to 3 months salary you are not eligible to apply for unemployment benefit for 3 months.