AIA Australia updates priority protection
AIA Australia is introducing a crisis recovery premium, life cover premium, and an extra Large Sum Insured Discount band as part of changes for its Priority Protection and Priority Protection for Platform Investors (PPPI) products.
AIA Australia chief retail insurance officer, Pina Sciarrone said: “Our Life and Crisis bundled policy remains competitive under the new pricing. We have tailored these changes to maintain sustainable options and ensured they are competitive in the market.”
“We know that Life Cover is a key element of most of our Priority Protection policies. That’s why we’re reducing premiums for Life Cover to ensure that advisers can offer more value to their clients.”
The PPPI products included new 26 per cent Large Sum Insured Discount for clients with amounts of Life Cover and Term Cover between $750,000 and $1,000,000, and decreased Life Cover stepped premiums by an average of 5-6 per cent.
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