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  • Clawback and grandfathering rules under LIF | AIA Adviser News

    23 January 2018


    With LIF now implemented, here’s a brief reminder of the key information and dates for clawback and grandfathering policies under the new legislation.

    Grandfathering Rules

    The following policies will be grandfathered under the LIF rules.

    1. Policies issued prior to 1 January 2018
    2. Policies issued after 1 January 2018:

     

    Policies issued on or after 1 January 2018 will be grandfathered for LIF purposes if the:

    • electronic application for the Policy was submitted to AIA Australia before 1 January 2018; or
    • paper application for the Policy was signed and dated before 1 January 2018 AND received by AIA Australia before 1 February 2018;

    AND

    • Policy is issued by 31 March 2018
    Accident Pro Prime

    Where a Policy is grandfathered for LIF purposes, any additions to the same policy will also be grandfathered.

    Any grandfathered policy which is cancelled and replaced on or after 1 January 2018 will no longer be grandfathered for LIF purposes.

    Clawback Rules

    Grandfathered Policies:

    Our existing 12 month clawback rules will continue to apply to grandfathered policies (and additions to grandfathered policies).

    Policies not Grandfathered:

    There will be a two year clawback period for all policies not grandfathered. This clawback period applies to any commission paid on the original sum insured and any additions made in the first two years.

    Any commission paid on additions to a policy after the two year clawback period has ended will be subject to our existing 12 month clawback rules.

    Upfront commission clawbacks:

    Cancellation or reduction during clawback period and within the first 12 months  following payment

    100%

    Cancellation or reduction during clawback period and after the first 12 months following payment

    60%

    Review all LIF updates


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    Contact AIA

    1800 333 613

    PO Box 6111
    Melbourne VIC 3004

    enquiries@aia.com.au

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    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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