AXA Australia has announced it will be passing back features and benefits upgrades to more than 115,000 of its existing lump sum insurance policy holders.
The benefits upgrade is the main component of an AXA product update that includes other lump sum product enhancements and a new technology initiative that will allow easier adviser access to client policy wordings.
Taking effect from 17 May 2010, the following lump sum policy holders will be able to access features and benefits available in the current AXA’s Elevate series (Issue No 8, 19th April 2010):
- AXA Risk Protection Package (on sale from 1994 to 2005)
- AC&L Living Security Program (on sale from 1995 to 2005)
AXA advises that all eligible Death, TPD and Trauma policy holders will access upgraded features and definitions including:
- Removal of CPI caps
- Enhanced CPI definitions
- 24 hour worldwide cover
- New accommodation benefit
- New financial plan benefit
Other benefit upgrades will apply specifically to Death, TPD and Trauma policy types, but the client will be able to retain their existing policy wording if this is more beneficial at time of claim.
In releasing this initiative, AXA’s Head of Individual Life, Stephen Rosengren, emphasised the importance of retaining the insurer’s existing policy holders.
AXA may also consider the prospect of a similar benefits upgrade… for existing income protection policy holders
Mr Rosengren indicated AXA may also consider the prospect of a similar benefits upgrade during the second half of 2010 for existing income protection policy holders, subject to value and costing implications associated with this strategy.
Enhancements to the current product series, which will see no price increases, include:
- Removing the payment limit of a terminal illness benefit in life insurance plans
- Expanding the definition of ‘benign tumours’ in Trauma plans and options
Mr Rosengren also outlined an enhanced technology feature for advisers that will allow them to more quickly and easily access the policy wording applicable to any in-force client.
Whereas in the past advisers were required to request copies of up to date definition information “… the new system cuts the turnaround time from days to minutes,” he said.
