6.
Special Events Increase Facility
You must make the request within 12 months of the relevant special event and provide AIA with suitable evidence of the occurrence of the event. A life assured over the age of 55 is not eligible for special events increases. In any 12 month period you can make only one increase under this Facility or (if selected) the Optional Future Insurability Benefit described in Section 13. AIA will increase the Life Cover Benefit for a life assured from the date we accept your request. Each increase will require an increase in premium . This increase will be calculated on the rates applicable at the time the Special Events Increase Facility is exercised. Any loadings, exclusions or special terms on the original Life Cover sum assured will be applied to the increased amount.
What is the Special Events Increase Facility?
On each occasion when one of the following circumstances occurs for a life assured on the Life Cover Benefit:
having a child (by birth or legal adoption);
becoming married or entering into a civil union;
becoming legally separated, divorced or the dissolution of the life assured’s civil union; financially supporting a dependent child through a first course of full-time tertiary education; the commencement of secondary school for the first time by a child of the life assured ; taking out or increasing a home loan because the life assured has purchased a new home, a new residential investment property, a vacation home, or a bare block of land zoned as residential, or is making extensions to a residential property or residential investment property owned by the life assured ; becoming responsible for the full-time care or payment for long term care of a close relative ; receiving an annual salary increase. This special event is not available to a life assured who is self-employed; or experiencing the death of a spouse, civil or de facto partner, you may write to AIA asking us to increase the Life Cover Benefit for that life assured .
When will AIA not pay a claim for an increase under this Facility?
a. Increases in sum assured added to this policy
After an increase under this Facility has been made, AIA will not pay the increased benefit amount if: Before the increase, the life assured qualified for payment of the Terminal Illness Benefit or the Specified Terminal Conditions Benefit; or Within six months following the increase, the life assured : − dies, except where accidental death under this benefit occurs; or − qualifies for payment of the Terminal Illness Benefit or the Specified Terminal Conditions Benefit. b. Increases in sum assured issued as an additional new policy Where this policy or any part of the sum assured under it has been issued as the result of an increase under the Special Events Increase Facility, then: The Special Events Increase Facility will not be available under this policy for the proportion of the sum assured that represents the increase. AIA will not pay the increased benefit amount if: − before the increase, the life assured qualified for payment of the Terminal Illness Benefit or the Specified Terminal Conditions Benefit; or − within six months following the increase, the life assured : o dies except where accidental death under this benefit occurs, or o qualifies for payment of the Terminal Illness Benefit or the Specified Terminal Conditions Benefit.
What is the maximum cover that can be added?
The maximum increase for each special event cannot exceed the lower of: 50% of the original Life Cover Benefit for the life assured ; or
$250,000.
The total of all increases made under this Facility cannot exceed the lower of: 100% of the original Life Cover Benefit for the life assured ; or
$750,000.
In the case of taking out or increasing a home loan, the individual increase cannot exceed the amount of the home loan or the increase in the home loan. In the case of an annual salary increase, the individual increase cannot exceed five times the annual salary increase. The maximum increases outlined above each apply in respect of all Life Cover and/or similar benefits for that life assured across all AIA policies .
7.
Special Events Total Permanent Disablement (TPD)/Trauma Facility
What are the other conditions applying to this Facility?
You do not need to produce any medical evidence regarding the life assured when you request this increase, but any Special Events Increase is subject to the following conditions:
What is the Special Events TPD/Trauma Facility?
On a special event occurring for a life assured (as listed in
1101 AL-LIFE version 5 Effective 10 October 2023
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