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  • AIA Australia's new PDS effective 1 April 2020

    01 April 2020


    PP20 banner

    On 1 April 2020, AIA Australia will release our new Product Disclosure Statement (PDS) and Policy document including a new application form. The PDS incorporates the changes to our income protection (IP) product, which include the removal of Agreed Value benefits, IP Essentials and Incorporated Business Expenses as a result of APRA’s recent intervention. 

    Additional Product Resources

    Grace period business rules

    As part of the release of the new Priority Protection series (‘April 2020 series’), the following will apply:

    All Agreed Value Income Protection applications, will be subject to the following APRA defined deadlines:

      Date
    APRA changes commencing Originally, 1 April 2020. This date has now been extended until 14 April 2020, provided and SOA is signed and dated on or before 31 March 2020.
    Submissions to AIA Australia  
    Electronic applications via eApp Must be submitted by 11:59pm (AEST), 31 March 2020^
    Paper Application and Quote

    Must be received by AIAA by 14 May 2020.

    Note: The Application and quote must be signed and dated on or before 14 April 2020.

    Outstanding Requirements

    All requirements must be finalised and policy issued by 30 June 2020.

    Note: We recommending submitting all outstanding requirements as early as possible to ensure our team can action in a timely manner, and to mitigate any delays or further requirements.

    ^ 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 IP Agreed Value benefits cannot be offered.

    APRA Updates

    APRA has recently updated it’s guidance on the matter of Agreed Value policies, and taking into account that impacts of COVID-19. This has meant that quoting for paper based applications ONLY, has been extended until 14 April. As a result, we’ve updated our FAQs which you can download here.

    We recommend submitting all outstanding requirements well in advance of the above mentioned dates. This will help our teams to process the applications and requirements in a timely manner. Please note the 30 June 2020 date also coincides with the end of financial year, which can amount to potential backlogs and delays.

    December 2019 series paper applications

    For “December 2019 series” paper applications relating to all other benefits:

    There will be a 30 day ‘grace period’ in which to finalise any existing draft paper applications that have not submitted before this update. This grace period will run for 30 calendar days from 1 April 2020 until 30 April 2020. After this date, only new application forms for the ‘April 2020 series’ will be accepted.

    Product and process updates

    Product and process updates
    - COLLAPSE + EXPAND

    Income protection changes

    With APRA’s intervention in the individual disability income insurance (DII) market coming into effect from 1 April 2020, we have made changes to Agreed Value benefits, which include the closure of Priority Protection IP Essentials and Incorporated Business Expenses.

    For any insurance applications that include an Agreed Value benefit, submitted prior to 1 April 2020, and currently being assessed, you have until 30 June 2020 to finalise all requirements and have the policy issued. If the policy is not issued by 30 June 2020, the Agreed Value benefits will no longer be available for that application.

    You will continue to be able to cancel and replace any existing IP Agreed Value policies going forward, provided it is required to facilitate a change of ownership or to correct administrative errors only.

    Cancel and Replacement changes

    As of 1 April 2020, AIAA are changing the way we process cancel and replace requests for Agreed Value Income Protection. When you complete a quote you will be required to tick a box stating that the quote is for an Agreed Value policy which is being cancelled and replaced.

    The change will mean that the application cannot be completed via eApp and you will be required to submit the quote and paper application form to AIAA via mail. The quote can still be created on eApp but must be printed and attached to the paper application.

    Discounts and rewards

    Discounts and rewards
    - COLLAPSE + EXPAND

    We understand that affordability is important to you and your clients.

    Below is an outline of the various discounts that could apply to your clients’ Priority Protection Lump Sum, Income Protection and Business Expenses policies.

    Bundled Discounts – save up to 12.5%

    If your client has both Lump Sum and IP plans with AIAA, they may be eligible to receive a 12.5% discount on their Lump Sum premiums.

    If your clients Policy includes:

    • one or more ‘Required Income Protection Plans', (as described in the table below) with a total combined premium for all ‘Required Income Protection Plans’ of $7001 or more per year, and
    • one or more ‘Eligible Lump Sum Plans’ (as described in the table below) with a total combined premium for all ‘Eligible Lump Sum Plans’ of $7001 or more per year,


    then the Eligible Lump Sum Plan(s) premium will receive the Bundled Discount of 12.5%.

    1 Excluding Stamp Duty, Policy Fee, AIA Vitality Contribution Fee, AIA Vitality Discount, Health and Life discount and Term Level loyalty discounts.

    Required IP Plans Eligible Lump Sum Plans
    Income Protection Life Cover
    Business Expenses Crisis Recovery Stand Alone
    Superannuation Income Protection Superannuation Life Cover

    - Including Super Extras

    - Including Superannuation Plus

     

    - Including Maximiser

    AIA Health Insurance – save 5%

    AIA Health Insurance (previously myOwn health insurance) is AIA’s health insurance option to increase your clients’ coverage providing them with greater options. If your client is insured under an AIA Health Insurance or myOwn policy, their Priority Protection premium (exclusive of stamp duty, premium frequency charge, health loadings and policy fee) may be discounted by 5% as long as AIA Vitality remains attached to the AIA Health Insurance or myOwn policy.

    AIA Vitality – up to 20% discount

    AIA Vitality is our science-backed health and wellbeing program that helps clients to improve their health, and rewards them for it.

    Having, and actively engaging in, AIA Vitality can see your clients reach up to 20% discount on their lump sum, IP and Business Expenses premiums. What’s great is that your client will automatically receive a 17.5% discount on their new lump sum premiums and a 7.5% discount on their IP and Business Expenses premiums.

    In addition to the discounts, your clients can earn up to $500 in retail shopping vouchers each membership year. The vouchers can be used across a range of our Shopping Rewards partners including Woolworths, Myer and rebel. Members can also earn $5 a week in Active Benefits rewards.

    Members earn AIA Vitality Points by learning about and improving their current state of health in areas such as nutrition, exercise and mental wellbeing.

    Earning Points also contributes to a member’s AIA Vitality Status (Bronze, Silver, Gold and Platinum). A member’s AIA Vitality Status determines the level of discount a member is able to receive on some of AIA Vitality’s rewards including insurance premiums, cashback on eligible flights and endota spa vouchers.

    Discounts Overview

    In total, your clients’ Priority Protection policies could receive:

    • 12.5% discount from bundling policies
    • 17.5% discount initially for new lump sum policies taken out with AIA Vitality
      • Depending on engagement levels with AIA Vitality, this could increase to 20% or decrease over time to 0%
    • 7.5% discount initially for new IP and Business Expenses policies taken out with AIA Vitality
      • Depending on engagement levels with AIA Vitality, this could increase to 20% or decrease over time to 0%
    • 5% discount when the life insured also has an AIA Health Insurance or a myOwn health insurance policy
    • Initial Selection Discount (ISD) of 10% in year 1 and 5% in year 2 for benefits on stepped premium. 
      • Note: this will decrease to 0% at year 3 onwards.

     

    AIAA Priority Protection – minimum premium for AIA Vitality inclusion

    From 1 April 2020, a new minimum premium applies when AIA Vitality is added to a Priority Protection or a Priority Protection for Platform Investors policy. This applies when AIA Vitality is being added to an in force policy or a new business policy and will continue to apply thereafter for Vitality membership to remain in force.

    The new minimum premium is $600 per year per customer, inclusive of all discounts, loadings, policy fees and stamp duty. The $600 minimum does not include the cost of the AIA Vitality Contribution Fee. AIA will consider the combined premium for all policies for the same life insured – both in force and new business - when assessing if the minimum premium has been met.

    Please note, the minimum premium for all individual policies remains at $300 inclusive of all discounts, loadings, policy fees and stamp duty.

    For information, please speak to your AIA Client Development Manager or Client Development Associate.

    Contact AIA

    1800 333 613

    PO Box 6111
    Melbourne VIC 3004

    infohub@aia.com

    AIA Global aia.com

    Contact AIA

    1800 333 613

    PO Box 6111
    Melbourne VIC 3004

    infohub@aia.com

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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 1 April 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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