Which of the following characteristics best describe income protection insurance?

I. Income protection insurance is not paid on death.

II. Income protection insurance is paid when a person is unable to work due to illness or disability.

III. The benefit can be up to a maximum of 75% of the earned income of the insured.

IV. The benefits are generally paid in a lump upon diagnosis of illness or disability.

V. Income protection insurance is only available to persons working in a full-time capacity.

VI. Premiums are tax-deductible and benefits are part of assessable income.

Select one:

a. II, III and VI

b. I, II, III and VI

c. I, II, III, IV and V

d. All the statements are correct.