Living Assurance Benefit will be reinstated from the date of conversion.
Sovereign must be provided with a receipt for the consultation and/or counselling being claimed.
The $2,500 including GST (in total) is payable once per life assured per policy. This is in addition to the sum assured.
8.
Built-in Premium Conversion Facility
You may at any time prior to the life assured reaching age sixty five (65):
11. Built-in Parents Grieving Benefit
Convert all or part of your Comprehensive Living Assurance Benefit from the premium shown in the schedule to a Level premium structure. The Comprehensive Living Assurance Benefit under your policy will be reduced by the sum assured amount converted; or Convert a Level premium Term to a further Level premium Term, of which duration may be the same or less than current Level premium Term. We will not require you or the life assured to produce further medical evidence at the time of conversion. The terms and conditions of the new policy will be those which are then offered by us to the general public. Premiums will be calculated on the current age of the life assured . Any special terms, exclusion or premium loadings that applied to your existing Comprehensive Living Assurance Benefit will apply to your new Comprehensive Living Assurance Benefit. 9. Built-in Return Home Benefit We will pay a Return Home Benefit if the life assured is outside of New Zealand and suffers, for the first time, a covered condition . The Return Home Benefit will reimburse the cost of a standard economy flight back to New Zealand for the life assured and one support person. You will need to provide evidence of the transport costs satisfactory to us before a claim under the Return Home Benefit will be paid. In total the maximum we will pay over the life of the Policy under the Return Home Benefit is $10,000. A Return Home Benefit is paid in addition to the Comprehensive Living Assurance Benefit.
When is a Parents Grieving Benefit payable?
Sovereign will make a Parents Grieving Benefit payment if:
a child of a life assured dies prior to birth but after at least 24 weeks gestation; or
a child of a life assured dies.
Sovereign will not make any payment if the death occurs within 12 months of the risk commencement date except where it is an accidental death.
This Parents Grieving Benefit ceases on the child’s 21 st birthday.
How much will Sovereign pay for the Parents Grieving Benefit?
The Benefit payable:
if the child is under 10 years of age Sovereign will pay a maximum of one claim of $2,000 per child under the Parents Grieving Benefit across Sovereign policies and AIA policies ; or if the child is 10 years of age or over Sovereign will pay a maximum of one claim of $15,000 per child across all Sovereign policies and AIA policies for a life assured . Payment of the Parents Grieving Benefit will not reduce the sum assured of the Comprehensive Living Assurance Benefit for the life assured .
12. Optional Early Cancer Upgrade Benefit
The Optional Early Cancer Upgrade Benefit applies only if shown in the schedule .
Sovereign will pay an Optional Early Cancer Upgrade Benefit (subject to the provisions of this policy) if the life assured suffers for the first time one of the cancer conditions listed below, after the date cover commences under the Optional Early Cancer Upgrade Benefit. Sovereign will not pay an Optional Early Cancer Upgrade Benefit if the life assured suffers the cancer condition or has any symptoms or signs leading to the cancer condition (whether or not a registered medical practitioner has been consulted) within three months after the date cover commences under the Optional Early Cancer Upgrade Benefit. The Optional Early Cancer Upgrade Benefit does not apply to children of the life assured covered under the Children’s Trauma Benefit or the Optional Children’s and Maternity Benefit.
No payment will be made if the life assured is covered for the same event with a travel insurance provider.
10. Built-in Counselling Benefit
The Counselling Benefit covers the cost of a Psychiatrist or Psychologist consultation and/or counselling for the life assured and/or a close relative of the life assured where the support treatments and/or consultations directly relate to a claim under the Comprehensive Living Assurance Benefit. After referral by an appropriate registered medical practioner we will reimburse up to $2,500 including GST (in total) per life assured , subject to the following conditions: The consultation and/or counselling must be paid for within 12 months following Sovereign paying the Comprehensive Living Assurance claim; and
Only one claim per life assured can be made under the Optional Early Cancer Upgrade Benefit. The Optional Early
852 TCB-LAC version 19 Effective 12 May 2026
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