AIA Australia has released details of the upgrade for its Priority Protection series.
Taking effect from 24 May 2010, changes/enhancements include:
Lump Sum
- The maximum amount payable on partial and permanent disablement has been increased from $250,000 to $750,000
- The Major Organ Transplant waiting list definition will now pay a full benefit (previously only a partial benefit was paid)
- Improved definitions/features across a large range of Crisis Recovery trauma events
Income Protection
- Enhancement to the Partial Disability Capability Clause, which now allows for a monthly benefit payment to be made for at least two months if the Life Insured is unable to work for reasons other than injury or sickness
- Enhancement to Complimentary Interim Accidental Income Protection Cover, where the amount payable has increased to $10,000 per month for a maximum period of six months (previously $5,000 per month)
AIA advises these enhancements will be passed back to all existing policy holders in the Priority Protection series (current PDS is version 8 in the series), with no increase in premiums.
Advisers can click here to access a copy of the 24 May 2010 SPDS.
