AIA Australia has increased the initial discount for Lump Sum benefits to 15 per cent for eligible clients if they sign up to the insurer’s health and wellness program in the second half of this year.
The life insurer announced it would increase the discount from 12.5 per cent to 15 per cent when clients took out an AIA Vitality membership between 30 July and 31 December 2018, and would also offer AIA Vitality members a 7.5 per cent initial discount on Income Protection (IP) benefits.
The discount is available to new business and current AIA Priority Protection (PP) or Priority Protection for Platform Investors (PPPI) Lump Sum policy holders who take out a new AIA Vitality membership within the campaign period but excludes existing and former AIA Vitality members.
AIA Australia stated the discount would be automatically applied to all eligible Lump Sum PP and PPPI quotes, applications, and inforce policies when a new AIA Vitality membership was attached.
The discount is being offered concurrently with AIA’s Two for Two fee waiver offer under which the insurer will waive the policy fee for the first two years on eligible new AIA Priority Protection policies or Priority Protection for Platform Investors policies and will also waive the $120 annual AIA Vitality fee for the first two years for those applicants opting to take the Vitality program with their new policy.
The Two for Two offer was originally offered late in 2017 and has been extended to the end of August 2018 (see: AIA Extends Fee Waiver Offer For Second Time).
AIA Australia has also passed the first anniversary of the launch of its health insurance vehicle (see: AIA Moves Into Health Insurance Space) by announcing it would offer an 5 per cent discount on life insurance for its health insurance customers if they were also members of AIA Vitality.
The insurer launched the health insurance offering – myOwn, on 31 July 2017 and stated that myOwn clients could access a 5 per cent health and life discount on life insurance if they held a health insurance product through myOwn. Clients would also will receive an initial AIA Vitality discount of up to 15 per cent on life insurance premiums.
This is on the back of AIA decision to increase premiums at the same time.
Let’s hope this doesn’t come at the the cost of hiking level premiums for existing policy holders.
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