{"id":65459,"date":"2023-04-17T15:50:56","date_gmt":"2023-04-17T04:50:56","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=65459"},"modified":"2024-10-30T08:41:25","modified_gmt":"2024-10-29T22:41:25","slug":"aia-updates-priority-protection-range","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/04\/17\/aia-updates-priority-protection-range\/","title":{"rendered":"AIA Updates Priority Protection Range"},"content":{"rendered":"<p>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:<\/p>\n<p><strong>1. Introduction of Healthier Life Reward for All New Policies<\/strong><\/p>\n<p>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:<\/p>\n<ul>\n<li>BMI range of 18-26<\/li>\n<li>Non-smoker status<\/li>\n<li>No premium loadings on the policy<\/li>\n<li>Must be\/become an AIA Vitality member<\/li>\n<\/ul>\n<p>This discount will apply to Life Cover Plan, Superannuation Life Cover Plan and Crisis Recovery Stand Alone.<\/p>\n<p><strong>2. Update to Claims Process for All Policies<\/strong><\/p>\n<p>Clarification of what policy holders can expect at claim time, including clarification of information that may be required.<\/p>\n<p><strong>3. Clarifications on Policy Terms for All Policies<\/strong><\/p>\n<p>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.<\/p>\n<p>The following changes relate to Life Cover Plan, Superannuation Life Cover Plan and Crisis Recovery Stand Alone Plans:<\/p>\n<p><strong>Changes to Medical Definitions<\/strong><\/p>\n<ul>\n<li>Enhanced policy upgrade terms to take into account 29 medical conditions that are progressive in nature for Crisis Recovery policies<\/li>\n<li>Upgrades to 4 conditions to remain in line with medical guidelines and regulatory requirements<\/li>\n<\/ul>\n<p>There have been 2 updates to closed Income Protection Plan and Superannuation Income Protection Plan products:<\/p>\n<ol>\n<li>Upgrade of Specified Injury benefit for fractures<\/li>\n<li>Update of benefit expiry dates of certain benefits under the \u2018To Age 70 Benefit Period\u2019, to align with the benefit intent<\/li>\n<\/ol>\n<p><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/AIA07873-Summary-of-Changes-16_04_23-CLEAN.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to access more details on these and other changes, which have been outlined in a \u201cSummary of Changes \u2013 for Advisers\u201d document provided by AIA Australia.<\/p>\n<p>\u2026And <a href=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/AIA07747-PP-PDS-v28-16_04_23-.pdf\" target=\"_blank\" rel=\"noopener\">click here<\/a> or on the image below to access AIA Australia\u2019s updated Priority Protection PDS.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/riskinfo.com.au\/resource-centre\/product-disclosure-statements\/aia-priority-protection-pds-160423\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-65479 size-medium\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/230417-AIA-Update-211x300.png\" alt=\"\" width=\"211\" height=\"300\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/230417-AIA-Update-211x300.png 211w, https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/230417-AIA-Update-719x1024.png 719w, https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/230417-AIA-Update-768x1094.png 768w, https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/230417-AIA-Update-696x992.png 696w, https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/230417-AIA-Update-295x420.png 295w, https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/230417-AIA-Update.png 786w\" sizes=\"auto, (max-width: 211px) 100vw, 211px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":3520,"featured_media":65460,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,4],"tags":[],"class_list":["post-65459","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65459","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\/3520"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=65459"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/65460"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=65459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=65459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=65459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}