The premium freeze will be launched to members in February, in its mid-year member report.
Legalsuper said that the hold on premiums was in strong contrast to the current trend in the industry of increasing premiums due to price competition, greater capital requirements and late reporting of claims.
Legalsuper noted the 85 per cent increase in premiums by Hostplus and the 38 per cent increase by AustralianSuper.
Legalsuper chief executive Andrew Proebstl said as an industry fund with a niche membership, Legalsuper can provide OnePath with a clear idea of who its members are and therefore what level of risk profile they represent.
“As a white collar profession, most of our members are in a low-risk insurance category, which lowers premiums and maximises the insurance benefits available to our members,” Mr Proebstl said.
In addition to the three-year premium freeze, legalsuper members will have access to a number of other enhanced insurance benefits, including unlimited death cover, increased TPD cover, increased terminal illness benefit and increased maximum income protection.
