SPECIAL EVENTS INCREASE
10
You may at any time prior to the Life Assured reaching age sixty- nine (69) increase the Sum Assured for the Life Cover Benefit under this Policy on the occurrence of any of the Special Events (A-J) listed below without further evidence of health. Requests for increases must be made within twelve (12) months of a Special Event except where the request relates to a mortgage covering a residential investment property which must be made within ninety (90) days of taking out the mortgage. You can make more than one Special Events increase during each Policy Year . You may increase the Sum Assured more than once in respect of each Special Event (A-J) listed below during the term of the Policy . Evidence will need to be provided as specified below, together with any further evidence that We may request.
A Special Events increase is NOT available if the Life Assured :
a) Has been accepted under the Life Cover Benefit with a Premium loading of over 100% (Medical condition exclusions
each amount to a 50% Premium loading. Avocational exclusions do not incur a Premium loading); and/or
b) Has made a claim or is eligible to claim under any Disability Income , Total and Permanent Disability Cover , Trauma Cover and/or Life Cover Policy with AIA New Zealand . For the sake of clarity this includes any claim currently under assessment. The increase in respect of each Special Event is up to 50% of the original Sum Assured up to a maximum of $300,000. The minimum increase in respect of each Special Event is 10% of the original Sum Assured . The Premium for the increased cover will be based on the age of the Life Assured and Our Premium Rates at the time the option is exercised. In the event of the increase being for a salary increase, the amount of increase will be restricted to the lesser of: 1. $300,000; or 2. 50% of the original Sum Assured ; or 3. Five (5) times the increase in wage or salary on an annualised basis. In the event of the increase being for a mortgage, the amount of increase will be restricted to the lesser of: 1. $300,000; or 2. 50% of the original Sum Assured ; or 3. The mortgage amount or increase in mortgage amount. The total increase in the Sum Assured in respect of the aggregate of all Special Events is limited to $600,000 across all Policies for each Life Assured .
Special Events
A MARRIAGE or CIVIL UNION of the Life Assured A copy of the Marriage Certificate or Copy of Particulars of Civil Union must be provided to Us confirming the date of Marriage or Civil Union . B DIVORCE or LEGAL SEPARATION of the Life Assured A copy of the Dissolution Order or Separation Order must be provided to Us confirming the date of the Divorce or Legal Separation.
PC-LC-05/2026
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