Method of paying premiums You must pay all premiums to AIA. Premiums can be paid by direct debit, credit card or debit card. Premium payments are not effective until after they have been credited and cleared to AIA’s bank account. 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 you r last known address if a premium remains outstanding 31 days after a premium due date . 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 change Your premium will be recalculated at each anniversary date based on: > the age of the life assured ; > the sum assured shown in the schedule ; > AIA’s underlying premium rates at that time; and > any eligible premium discounts calculated for the life assured (see premium discounts below). Premium discounts In addition to the premium type chosen, there are two premium discounts that may reduce the premium (excluding any applicable policy fee) you pay.
person who is the subject of any sanction, prohibition or restriction under United Nations resolutions or trade or economic sanctions, laws or regulations of New Zealand, the European Union, United Kingdom or United States of America, or any of its states and/or any other applicable economic or trade sanction laws or regulations. This provision applies without limitation not only to the policy owner or holder, but to the life assured and any assignee, other third party, related party or beneficiary of the policy. Should we determine that the above is applicable, we may at our sole discretion terminate the policy with immediate effect . Non-disclosure or the provision of false or misleading information Any information you or any life assured gives us, and any information given to us on your behalf, must be complete, true and correct. If you or any life assured : > fails to disclose material information to AIA prior to inception of this policy or any variation or reinstatement of this policy, or > has made a substantially incorrect statement on the faith of which the policy was issued, renewed, varied or reinstated. AIA may, at its complete discretion either: > subject to the Insurance Law Reform Act 1977, avoid your entire policy from its inception (this means the policy is deemed to have never existed); or > avoid from its inception any individual benefits provided by your policy (this means the individual benefit(s) are deemed to have never existed); or > alter the terms upon which cover is provided under your policy (such alteration of terms will be effective from the risk commencement date or such date of our choosing, at our discretion); or > remove from cover any life assured from inception but leave the policy in force for the remaining lives assured . If this policy is avoided or any terms altered or a life assured is removed from cover, we may retain all premiums paid in relation to the policy or that life assured .
Multi-benefit discount (if applicable) The amount of multi-benefit premium discount you are eligible to receive for the life assured will be recalculated: - on each anniversary date based on the type and number of qualifying benefits held for the life assured ; and - at any time when you add other benefits to the policy or increase or reduce the amount of benefits under the policy for the life assured. subject to the AIA Multi-Benefit Premium Discount Eligibility Rules or any subsequent version thereof. 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.
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16. 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.
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> 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.
1180 A-SU IP version 3 Effective 23 July 2021
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