AIA Australia has released an update to its flagship Priority Protection range, effective 16th April 2023. There are a range of changes and enhancements across lump sum and IP products, including:
1. Introduction of Healthier Life Reward for All New Policies
The introduction of a 2.5% premium discount for the life of the policy as well as an increased discount of up to 17% on eligible bundled products if the life insured meets certain health criteria, which include:
- BMI range of 18-26
- Non-smoker status
- No premium loadings on the policy
- Must be/become an AIA Vitality member
This discount will apply to Life Cover Plan, Superannuation Life Cover Plan and Crisis Recovery Stand Alone.
2. Update to Claims Process for All Policies
Clarification of what policy holders can expect at claim time, including clarification of information that may be required.
3. Clarifications on Policy Terms for All Policies
Several policy terms have been updated to increase transparency and policy holder awareness across benefit indexation, premium structure, AIA Vitality fees and Cooling-off period, conversion options and more.
The following changes relate to Life Cover Plan, Superannuation Life Cover Plan and Crisis Recovery Stand Alone Plans:
Changes to Medical Definitions
- Enhanced policy upgrade terms to take into account 29 medical conditions that are progressive in nature for Crisis Recovery policies
- Upgrades to 4 conditions to remain in line with medical guidelines and regulatory requirements
There have been 2 updates to closed Income Protection Plan and Superannuation Income Protection Plan products:
- Upgrade of Specified Injury benefit for fractures
- Update of benefit expiry dates of certain benefits under the ‘To Age 70 Benefit Period’, to align with the benefit intent
Click here to access more details on these and other changes, which have been outlined in a “Summary of Changes – for Advisers” document provided by AIA Australia.
…And click here or on the image below to access AIA Australia’s updated Priority Protection PDS.
