1.
What are your policy benefits?
Enhancements will not be passed back to built-in benefit
sections and/or conditions that have subsequently become optional benefits within an appendix or no longer exist.
Your AIA Living policy can provide financial assistance in the event of death, disability, redundancy, or a critical condition . Details of the benefits you have chosen, and the life/lives assured are shown in the schedule . The terms of your benefits are contained in the relevant appendix . AIA will pay all benefits to the policy owner , or to the policy owner’s estate. If more than one person owns the policy then AIA will pay all benefits to the policy owners jointly or as they jointly direct, or to the survivor(s) of the policy owners . Your cover starts on the risk commencement date . Your policy contains options on the type of cover, and premium types and guarantees which are detailed below. If there is any inconsistency between these terms and your appendix , then the appendix will prevail. Some words in this document and any relevant appendix are italicised indicating they are key terms that are defined in either ‘Section 8: Key terms’ of this wording or in the key terms of the relevant appendix .
For the avoidance of doubt, where the definition of a condition or conditions is enhanced under this benefit, the enhancement will only be applied in respect of that condition or the conditions you are making a claim for. If the nature of the change to a section and/or condition means that it cannot be determined at the time of submitting a claim whether the change will be clearly favourable to you or not, you will need to elect whether or not the change will apply to the claim. After you have made the election, this election cannot be changed.
3.
What are your cover options?
Your cover starts on the risk commencement date .
Level cover (specified in the schedule as Level)
The amount of cover under the relevant benefit will remain constant.
Inflation cover (specified in the schedule as CPI Linked)
2.
Enhancement Pass Back Benefit
The amount of cover under the relevant benefit will increase at the start of each policy year by an amount we determine with reference to the annual percentage increase in the consumers price index , subject to any maximum benefit amounts allowable under the benefit. If the consumers price index falls in any year, the inflation-linked benefit amounts will not decrease. You can write to AIA if you do not want the amount of cover under the relevant benefits to be increased for a particular year.
If at any time in the future, we make a change to a section and/or condition within a section of our AIA Living policy and the change is favourable to you, the enhanced section and/or condition will automatically be applied (passed back) to this policy, subject to the following: At claim time AIA will compare the enhanced section and/or condition in the latest version of AIA Living with this policy and will apply the section and/or condition that is most favourable to you. AIA will not apply changes to sections and/or conditions set out in earlier versions of AIA Living which are not included in the latest version. The enhanced section and/or condition will only be applied to this policy if it relates to a benefit for which you have cover under this policy. The enhanced section and/or condition will be ‘applied’ to this policy with effect from the pass back date . The enhanced section and/or condition will only apply if the claim event first occurs on or after the pass back date . Eligibility criteria for individual benefits will still apply. If the claim event first occurred before the pass back date , then the claim will not be assessed or reassessed using the new wording. Any underwriting exclusions or special terms that apply to this policy will not be altered by any enhanced section and/or condition . Any associated increase in premium required will be applied when your premiums are next reviewed. Enhancements to sections and/or conditions that relate to optional benefits within an appendix will only be passed back where the optional benefit(s) are listed in the schedule .
Voluntary alterations to cover
You may apply to AIA in writing to increase or reduce the amount of cover for existing benefits, or add other benefits to the policy. AIA does not have to accept an application for any increase in existing cover. Any acceptance will depend on a number of factors, including the state of health of the life assured . You may add other benefits so long as the life assured meets AIA ’s usual requirements for those benefits. Any increase or reduction in cover will start from the next premium due date after AIA accepts your application.
4.
Your premiums
Premium
To ensure your policy remains in force you must pay the premium on a 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 . 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.
1100 AL-UMB version 5 Effective 4 August 2023
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