The option must be exercised within sixty (60) days of the anniversary of the payment of the Total and Permanent Disability claim, failing which, the option to effect such covers on that anniversary shall lapse. In order to exercise this option, the Policy Owner(s) must make the request in writing to Us . We will pay a Partial Disability Benefit if the Life Assured is Partially Disabled (as defined in Clause 2 under Section D below). The amount payable will be the lesser of 25% of the Sum Assured or $100,000. When a payment is made under this Partial Disability Benefit the Sum Assured will be reduced by an equal amount. You may at any time prior to the Life Assured reaching age sixty-five (65) increase the Sum Assured for the Total and Permanent Disability 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 Trauma or Total and Permanent Disability Cover Benefit on special terms and/or with additional exclusions and/or with a Premium loading; and/or
PARTIAL DISABILITY BENEFIT
10
SPECIAL EVENTS INCREASE
11
b.
Has made a claim or is eligible to claim under any 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 of 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 for the Life Assured , 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.
PC-TPD-05/2026
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