Period of Assurance, regardless of whether an age recalculation takes place at that point or not.
RENEWAL
23
The Income Protection Benefit may be renewed up to the anniversary of the Policy Commencement Date following the Life Assured attaining the age of sixty-five (65) or age seventy (70) as per the Policy Schedule , regardless of changes in the health or occupation of the Life Assured . AIA New Zealand understands that under the current tax legislation, Premiums payable for Agreed Value Income Protection Policies are not deductible for tax purposes and claim payments are not taxable. In the event of a change in tax legislation where Premiums become deductible and claim payments become taxable, then AIA New Zealand will allow the monthly Benefit to be increased to an amount agreed by Us to reflect the change in tax treatment. Your Premium will be adjusted to reflect the increase in Benefit and will be based on Premium rates applicable at that time.
TAX
24 A
We will accept the increase on the same terms that the original Policy was issued without further medical or financial underwriting.
B
AIA New Zealand will notify the Policy Owner in writing as soon as We are aware of any change in tax legislation in relation to Agreed Value Income Protection Policies . The Policy Owner must then make a written request to AIA New Zealand to adjust the monthly Benefit . We must receive any adjustment request within sixty (60) days of AIA New Zealand’s notification of the change in tax legislation. If We make future enhancements to Our Policy wordings We will pass back the enhanced Benefit , feature and/or condition automatically to You . The enhanced Benefit , feature and/or condition will only apply to claimable events which occur after the date We pass back the enhanced Benefit , feature and/or condition to You . Any underwriting exclusion or special terms that apply to this Policy will not be altered by any enhanced Benefit , feature and/or condition. This Benefit is to ensure that You will be better off as a result of the enhanced Benefit , feature and/or condition. If You are inadvertently disadvantaged in anyway then the previous Policy wording will apply.
GUARANTEED PASS BACK OF BENEFIT ENHANCEMENTS
25
EXCLUSIONS
26
No Benefits shall be paid under this Policy if the injury or sickness resulting in Total Disability directly or indirectly was caused by or resulted from: A Intentionally self-inflicted injury whether the Life Assured is sane or insane. B Participation in any Criminal Act . C Pregnancy, childbirth, abortion or miscarriage unless the Total Disability lasts for more than ninety (90) days after the end of pregnancy, at which time the Waiting Period will commence.
PC-IP- 05/2026
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