us on 0800 500 108 if you want to discuss payment of your premium . 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 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. Changes to the premium Your premium will be recalculated at each anniversary date based on: > the excess amount for each life assured ; > AIA’s underlying premium rates at that time; > any eligible premium discounts calculated for the life/lives assured (see premium discounts below); and > the age of the life/lives assured , the premium will increase at each anniversary date as each life assured grows older, except that: - 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; at your last known address if a premium remains outstanding 31 days after a premium due date .
AIA Private Health The available excess amounts under AIA Private Health Cover are $0, $250, $500, $750, $1,000, $2,000, $4,000 or $10,000.The excess will apply to each benefit available under AIA Private Health Cover unless: > otherwise specified in the benefit; or > the full value of the applicable excess has already been paid by you for the life assured in the applicable policy year , in which case the excess will be waived for any further claims within the same policy year ; or > it relates to any surgery that occurs within 3 months of a related surgery , in which case it will be waived. AIA Private Health Plus If you have cover under AIA Private Health Plus the available excess amounts for the additional benefits are $0 or $250. The excess will apply to each benefit available under AIA Private Health Plus unless: > otherwise specified in the benefit; or > the full value of the applicable excess has already been paid by you for the life assured in the applicable policy year , in which case the excess will be waived for any further claims within the same policy year. This excess is in addition to any applicable excess under AIA Private Health Cover. However, the additional excess is only payable once per life assured per policy year. Overseas treatment This policy offers a number of overseas treatment options as listed in ‘Part H: Benefits – what you are covered for’ on pages 10-22. There are costs associated with having treatment overseas that may not be covered by this policy. You should consider comprehensive travel insurance before travelling overseas. E. Your Premiums Premium >
-
The premium does not increase with age from the first anniversary date after age 71.
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 reserves 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;
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
Page 6 of 29
1300 APH-UMB version 6 Effective 17 April 2025
Powered by FlippingBook