{"id":37909,"date":"2017-08-07T17:00:46","date_gmt":"2017-08-07T07:00:46","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=37909"},"modified":"2017-08-09T06:20:10","modified_gmt":"2017-08-08T20:20:10","slug":"aia-makes-changes-to-premium-rates","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/08\/07\/aia-makes-changes-to-premium-rates\/","title":{"rendered":"AIA Makes Changes to Premium Rates"},"content":{"rendered":"<p>AIA Australia has introduced a large sum insured discount and reduced premiums on some policies for new business written under its Priority Protection and Priority Protection for Platform Investors (PPPI) products.<!--more--><\/p>\n<figure id=\"attachment_33809\" aria-describedby=\"caption-attachment-33809\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2016\/07\/Pina-Sciarrone-Head-Shots-378-2014-cropped.jpg\" rel=\"attachment wp-att-33809\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-33809\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2016\/07\/Pina-Sciarrone-Head-Shots-378-2014-cropped.jpg\" alt=\"AIA Australia, Chief Retail Insurance Officer, Pina Sciarrone\" width=\"150\" height=\"181\" \/><\/a><figcaption id=\"caption-attachment-33809\" class=\"wp-caption-text\">AIA Australia, Chief Retail Insurance Officer, Pina Sciarrone<\/figcaption><\/figure>\n<p>As part of the changes, the insurer will introduce a 26% Large Sum Insured Discount for clients Life Cover and Term Cover between $750,000 and $1 million while cover between $500,000 and $749,999 will retain a 20% discount and sums over $1 million will retain a 30% discount.<\/p>\n<p>Changes will also occur with stepped premiums with Life Cover stepped premiums decreasing by an average of 5-6% (for non-smoking policyholders between 35 and 65 years of age).<\/p>\n<p>Crisis Recovery standalone stepped premiums will increase by an average of 4-5% for policy holders over 35 at next birthday and by an average of 9% for those 35 and under at next birthday. Crisis Recovery rider stepped premiums will also increase by an average of 5% for policy holders over 35 at next birthday.<\/p>\n<p>Life Cover and Crisis Recovery policies with level premiums will also increase by up to 9% for policy holders under 40 and by up to 5% for policy holders between 40 and 50 with no changes for policy holders over 50 at next birthday.<\/p>\n<p>AIA Australia Chief Retail Insurance Officer, <strong>Pina Sciarrone<\/strong> said the insurer was aware that Life Cover was a key element of most of its\u00a0Priority Protection policies and the changes were made to maintain sustainable options for advisers and clients and to ensure they were competitive in the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AIA Australia has introduced a large sum insured discount and reduced premiums on some policies for new business written under its Priority Protection and Priority Protection for Platform Investors (PPPI) products.<\/p>\n","protected":false},"author":3,"featured_media":37951,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,4],"tags":[4247],"class_list":["post-37909","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-products","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=37909"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37909\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/37951"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=37909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=37909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=37909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}