E. Your Premiums
Premium discounts The following premium discounts may reduce the premium (excluding any applicable policy fee) you pay. AIA Vitality discount (if applicable) You may qualify for a premium discount on the premiums you pay for any life assured who has an AIA Vitality membership. The amount of the premium discount the life assured is eligible to receive will be calculated on each anniversary date in accordance with the AIA Vitality Premium Adjustment Rules provided at aia.co.nz/vitality as at that date. AIA reserve the right, at any time and at their sole discretion, to: vary or restrict the qualifying benefits or products eligible for the abovenamed premium discount;
Premium
To ensure that your policy remains in force, you must pay the premium on the regular basis as agreed with AIA . The initial premium is shown in the schedule , the first payment is due to AIA on the first premium due date . Thereafter your premium is due annually, monthly, fortnightly or weekly as agreed with AIA .
The premium amount may change from time to time (as described below) and you will need to pay the new premium on the agreed regular basis. AIA will advise you of the new premium before the change.
Method of paying premiums
You must pay all premiums to AIA directly. Premiums can be paid by direct debit, credit card, or debit card. Please contact us on 0800 500 108 if you want to discuss payment of your premium .
vary or withdraw the abovenamed premium discount based on business rules; or
cease offering the abovenamed premium discount by giving at least 90 days’ notice in writing to the policy owner(s) (in which case they will cease across all AIA Cancer Care policies).
What happens if you do not pay the premium on time?
You have 30 days’ grace in respect of any premium due. AIA will be entitled to cancel your policy by written notice to you
at your last known address if a premium remains outstanding 31 days after a premium due date .
F. Changes to your policy Adding and removing family members
If you want to have the policy reinstated, you must write to AIA . AIA does not have to reinstate the policy but may do so on any conditions it considers appropriate. If AIA has to pay a benefit under the policy when a premium is overdue, the overdue premium may be deducted from the claim payment.
You may apply at any time in writing to AIA to extend cover under this policy to:
The policy owner .
The spouse, civil or de facto partner of the policy owner.
Changes to the premium
A child under the age of 21.
Your premium will be recalculated at each anniversary date based on:
AIA is not obliged to agree to cover any additional life assured unless it is satisfied that the life assured is in good health. The assessment of a life assured ’ s good health is based on the health information provided about that life assured in the application for cover under this policy. If AIA deems it necessary to obtain further information beyond that provided in the application form about a potential life assured ’ s good health, AIA may require a report from a registered medical practitioner to confirm or clarify the extent of any existing health conditions. If you add your child to this policy within the first three months after he or she is born, the child will be automatically accepted for cover under this policy without the need to satisfy AIA of the child’s good health. If a child is added to the policy after the first three months after he or she is born, AIA will require health information about that child . Your premium will increase for each life assured added to this policy. You can remove a life assured from your policy at any time by giving AIA notice in writing.
AIA’s underlying premium rates at that time;
any eligible premium discounts calculated for the life/lives assured (see premium discounts); and
the age of the life/lives assured , the premium will increase at each anniversary date as each life assured grows older, except that:
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All lives assured less than 21 years of age will pay the same premium . At the first anniversary date after a life assured turns age 21, the benefits component of the premium increases with the life assured’s age each year until they reach 70 years of age. The corresponding premium increase will take effect from the first anniversary date after a life assured turns age 21; The premium does not increase with age from the first anniversary date after age 71.
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1304 ACC – UMB version 4 Effective 08 March 2024
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