AIA Australia Waives New Policy, Vitality Fees

AIA Australia will waive up to around $400 in fees over two years for clients who take out a new Priority Protection policy and Vitality program until the end of March 2018.

In a new initiative, the insurer will waive the $82.53 per year policy fee for the first two years of a new policy, and will also waive the $120 annual AIA Vitality fee for the first two years, if applicants opt to attach the program to their policy.

The fee waivers are being offered as part of new campaign titled ‘Two for Two: The policy and AIA Vitality fees are on us’ and apply to eligible new business applications for Priority Protection (PP) or Priority Protection for Platform Investors (PPPI), submitted between 4 December, 2017 and 31 March, 2018.

…the insurer will waive the $82.53 per year policy fee …and will also waive the $120 annual AIA Vitality fee…

The campaign does not cover Priority Protection Express and excludes existing policy alterations and any cancel and replace applications.

AIA Australia Chief Retail Insurance Officer, Pina Sciarrone said the ‘Two for Two’ campaign would allow clients to gain peace of mind as well as the benefits of a healthy lifestyle.

“We’re seeing improved lapse rates on our PP and PPPI policies when clients engage with their insurance daily via the AIA Vitality program. Our statistics show that they are up to 40 per cent less likely to lapse on their life insurance policies when they engage in AIA Vitality,” Sciarrone said.

“AIA is continually looking for opportunities to demonstrate its support for improving the long-term well-being and health of clients through its adviser networks. That is why we are waiving fees on PP and PPPI policies and AIA Vitality, to ensure advisers can offer more value to their clients.”

Further details on the campaign have been published on the AIA Australia Adviser Hub.