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  • Reminder - Agreed Value ceasing sale on income protection

    13 March 2020


    apra-header-image

    With APRAs intervention into the individual disability income insurance (DII) market fast approaching commencement, we at AIA Australia (AIAA) have been communicating with you the changes and how they impact you and your AIAA clients.

    As a result of the upcoming changes, we’d like to remind you of the key dates, including scenarios that AIAA have implemented.

    In addition to the key dates, it’s important to understand that our income protection (IP) Essentials and Incorporated Business Expenses benefit products are impacted as they include the Agreed Value component within the structure. As such, these products will be closed to new business with acceptance of any pipeline applications, subject to the below key dates.

    Key date scenarios

    Scenario 1

    Your client applies for an IP Agreed Value benefit. They submit their quote, application and all signed and dated documents by 31 March 2020, via eApp to AIAA. Provided their policy goes in force by the outstanding requirements date of 30 June 2020, the IP Agreed Value benefit can be issued.

    Scenario 2

    Your client submits a paper based application for an IP Agreed Value benefit. Their quote and application must be signed and dated on or before 31 March 2020, and received by AIAA no later than 30 April 2020. Provided their policy goes in force by the outstanding requirements date of 30 June 2020, the IP Agreed Value benefit can be issued.

    Scenario 3

    Your client submits the application as per one of the above scenarios, however does not provide all the outstanding requirements such as a signed and dated direct debit form by 30 June 2020. The policy therefore is still not in force and your client is no longer eligible for an IP Agreed Value benefit. If the wish to still apply for an IP benefit, you will then need to complete a new quote with either an IP Indemnity benefit or Extended Indemnity benefit. 

    For more information, contact your CDM or CDA to find out more. Alternatively, you can download the FAQs here and take note of the below key dates.

    Key dates for new Agreed Value applications

    APRA key dates table

    ^ Includes tele-underwriting and client complete applications, provided they include all the information required to submit the application through eApp (application, quote, signature and mandatory fields). The personal statement will be treated as an outstanding requirement and must be completed in sufficient time to enable the policy to be issued by 30 June 2020.

    Failure to provide all the information required for submission by 11:59pm AEST 31 March 2020 will mean that Agreed Value benefits cannot be offered.

    If you have any questions, please speak to your AIA CDM.

    Contact AIA

    1800 333 613

    PO Box 6111
    Melbourne VIC 3004

    enquiries@aia.com.au

    AIA Global aia.com

    Contact AIA

    1800 333 613

    PO Box 6111
    Melbourne VIC 3004

    enquiries@aia.com.au

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    Copyright © 2021. AIA Group Limited and its subsidiaries or affiliates. All rights reserved. Priority Protection and Priority Protection for Platform Investors products are issued by AIA Australia Limited (ABN 79 004 837 861, AFSL 230043). AIA Vitality, a personalised, science-backed program that supports members every day to make healthier choices, is available with eligible products issued by AIA Australia. AIA Health with AIA Vitality is issued by AIA Health Insurance Pty Ltd ABN 32 611 323 034, a registered private health insurer governed by the Private Health Insurance Act 2207, Private Health Insurance Rules 2007 and the AIA Health Insurance Pty Ltd Fund Rules. The information on this website is current as at 14 January 2021 and may be subject to change. It is general information only and is not intended in any way to be financial, legal, tax, health, medical, nutritional or other advice. You should consider your own personal circumstances and needs and view the relevant product documents, fact sheets, fund rules and terms and conditions before making a decision to acquire such products. If necessary you should obtain professional advice from a financial, tax, medical or health professional. Unless expressly stated, any views or expressions of opinion (including any video content) do not represent the opinion of AIA.
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