15.
Optional Life Cover Buyback Benefit
become unemployed or redundant;
experience at least a 20% reduction in pay (comparing the most recent payslip against a previous payslip from the same year); or
The Life Cover Buyback Benefit is available as an option once the life assured reaches age 16. The schedule will specify if you have chosen the Optional Life Cover Buyback Benefit and if you have selected an accelerated Severe Trauma Benefit. Where an Optional Life Cover Buyback Benefit is selected, this allows the Life Cover Benefit to be reinstated without the need to provide further medical evidence following an accelerated Severe Trauma Benefit claim, subject to the following conditions: The Life Cover Benefit can be reinstated to the level applying immediately before the accelerated Severe Trauma Benefit claim.
if self-employed, experience a 30% reduction in revenue (by comparing one month’s revenue against the same month for the previous year),
provided that:
you notify AIA within 90 days of one of the above listed suspension events occurring and provide evidence to AIA of the suspension event; and
AIA acknowledges in writing receipt of that notification.
Cover for the life assured will be suspended from the date set out in AIA ’s written acknowledg ement.
The Optional Life Cover Buyback Benefit can be exercised:
No premium will be payable during the period that the cover is suspended.
− within 60 days of the accelerated Severe Trauma Benefit claim payment; or
No claim under this benefit appendix will be payable for any condition that occurs during, the period that the cover is suspended. A claim may only be payable if the life assured first meets the criteria for an eligible claim under this policy after their cover is reinstated. Cover under this benefit appendix may be reinstated at the end of the suspension period in accordance with this Section without the need to provide further medical evidence, provided that the benefit has been suspended for no longer than 12 months.
− within 60 days of the life assured surviving a period of six months after an accelerated Severe Trauma Benefit claim payment for one of the following conditions :
Paraplegia;
•
Quadriplegia;
•
Diplegia;
•
Hemiplegia;
•
At the end of the suspension period, the benefit will be automatically reinstated for the life assured .
Alzheimer’s disease ;
•
Permanent blindness;
•
Cover for the life assured will be reinstated from the date set out in AIA ’s written acknowledgement.
Permanent loss of hearing;
•
The premium payable for the reinstated benefit will be based on AIA ’s premium rates at the time of the reinstatement.
Dementia;
•
Permanent loss of use of limbs (including sight);
•
14.
Optional Total Permanent Disablement condition
Multiple sclerosis;
•
Idiopathic Parkinson’s disease ; or
•
The Optional Total Permanent Disablement condition is available once the life assured reaches age 16. The schedule will specify if you have chosen the Optional Total Permanent Disablement condition and, subject to the provisions of this appendix , is included as a condition under the Severe Trauma Benefit. The Optional Total Permanent Disablement condition does not apply to any child of a life assured covered under the Built-in Children’s Trauma Benefit .
− Within 60 days of the life assured surviving a period of twelve months after an accelerated Severe Trauma Benefit claim payment for all other conditions (including the Optional Total Permanent Disablement condition , where applicable).
Only one Life Cover Buyback reinstatement will apply per life assured per policy.
The maximum Life Cover Benefit that can be reinstated is 100% of the accelerated Severe Trauma Benefit claim or $2,000,000, whichever is the lesser.
The Optional Total Permanent Disablement condition does not apply once the life assured attains age 65.
1119 AL- ST version 1 Effective 14 November 2025
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