12 September 2017
In line with the Consumer Price Index (CPI), the Priority Protection annual policy fee will increase for new and in-force business, effective 1 October 2017.
The Priority Protection annual policy fee will increase as follows:
| Premium Frequency | Current Policy Fee | New Policy Fee |
|---|---|---|
| Monthly | $7.29 | $7.43 |
| Half Yearly | $42.52 | $43.33 |
| Yearly | $80.99 | $82.53 |
Impact on new business electronic applications
New Business electronic applications submitted before 1 October 2017 (including applications submitted before, but not completed before this date) will have the old policy fee applied.
Any electronic application submitted on or after 1 October 2017 will apply the new policy fee.
Impact on new business paper applications
New business paper applications with a quotation date before 1 October 2017 (including paper applications with a quotation date before 1 October 2017, but have not been received by AIA and/or not completed before this date) will apply the old policy fee.
Any paper application with a quotation date on or after 1 October 2017 will apply the new policy fee.
Impact on in-force business
For in-force business the new policy fee will apply from 1 October 2017, and will take effect on the next policy anniversary.
Policies in suspense
There will be no impact on policies currently in suspense.
Communications
Affected clients will be notified of their new policy fee via their renewal notice of premium due letter, issued before their policy anniversary.
Support & Questions
If you have any queries, contact your CDM or CDA, or call us on 1800 033 490.
