4. Law changes
KiwiSaver scheme;
Without limiting the law changes section of your AIA Living policy, if changes to the KiwiSaver law or regulations occur after the risk commencement date and AIA believes on reasonable grounds that those changes will affect this benefit, then AIA can change the provisions of this appendix in whatever way it deems appropriate.
( e) The life assured or anyone acting on behalf of the life assured makes a false or fraudulent statement in respect of a claim or supports any claim with false evidence.
(f) The life assured is in prison or sentenced to home detention for any reason.
(g) The life assured dies.
5. Tax
8. Exclusions – When AIA won ’ t pay a benefit?
AIA understands that under current tax legislation premiums payable for agreed value disability protection insurance are generally not deductible and claim payments are generally not taxable. In the event of a tax change you may elect that, for the purpose of calculating the Retirement Protection Benefit only, the benefit amount shown in the schedule is increased to an amount agreed by AIA to reflect the change in tax treatment. Your premiums from that point onwards will be adjusted to reflect the increased amount of benefit and will be based on premium rates applicable at that time. An election under this clause must be made within 180 days of the tax change . No further underwriting will be required for the increase but any existing exclusions and endorsements will apply. No election under this clause may be made if a Retirement Protection Benefit is payable in respect of the life assured (or would have been payable had a claim been made).
AIA will not pay a Retirement Protection Benefit if:
> the life assured became totally disabled prior to, or within six months following the risk commencement date of this Retirement Protection Benefit; > a total disability benefit is not payable under a AIA personal disability income policy for the life assured ; > a partial disability benefit is payable in respect of the life assured under an AIA personal disability income policy ; > the life assured is not a member of a KiwiSaver scheme .
9. Key terms
KiwiSaver scheme
A registered KiwiSaver scheme as defined in the KiwiSaver Act 2006 (as amended or replaced). An individual, employer, company, partnership, association, organisation or trust. Any AIA policy/policies for personal disability income cover, which the life assured for this appendix is also a life assured (including AIA Living Income Protection Benefit, Loss of Earnings Benefit, Mortgage and Income Protection Benefit, and any similar related policy/policies ) As a result of a change in legislation or New Zealand Inland Revenue Department’s interpretation of existing legislation, AIA changes its understanding of the tax treatment of claim payments under agreed value disability protection insurance, and notifies you accordingly. Has the meaning set out in the applicable appendix for the AIA personal disability income policy.
6. How to make a claim
To make a claim, the relevant procedures in the section of your AIA Living policy entitled ‘ How to make a claim ’ must be followed. The ‘ How to make a claim ’ and ‘ Ongoing Claim Requirements ’ sections of the AIA personal disability income policy also apply to this Retirement Protection Benefit. In addition, AIA will not pay a claim under this Retirement Protection Benefit until AIA has received all the information it needs to pay this Retirement Protection Benefit, including the name of the life assured’ s KiwiSaver scheme .
person
AIA personal disability income policy
tax change
7. When will AIA cease paying a benefit?
AIA will cease paying a benefit if:
(a) AIA determines that the life assured is no longer totally disabled or a total disability benefit is no longer payable under an AIA personal disability income policy for the life assured .
totally disabled
(b) The life assured reaches age 65.
(c) The life assured ’s Mental Health Limitation payment period ends (if applicable for the life assured under the AIA personal disability income policy );
(d) The life assured ceases to be a member of a
1111 AL-RP version 2 Effective 23 July 2021
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