AIA will increase the Family Protection Benefit for a life assured from the date we accept your request. Each special events increase will require an increase in premium . This increase will be calculated on the premium rates applicable at the time the Special Events Increase Facility is exercised. Any loadings, exclusions or special terms on the original Family Protection Benefit sum assured will be applied to the increased amount.
The consultation and/or counselling must be paid for within three months following AIA first commencing to pay the Family Protection Benefit; and
AIA must be provided with a receipt for the consultation and/or counselling being claimed for.
The $2,500 is payable once per life assured per policy. This is in addition to the sum assured .
6.
Parents Grieving Benefit
AIA 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, provided the child would have been born at least 12 months after the risk commencement date if the pregnancy continued to full term, where the life assured is the biological mother of the child ; or after birth and at least 12 months after the risk commencement date . This Parents Grieving Benefit ceases on the child ’s 21 st birthday.
When will AIA not pay a claim under this facility?
a. Increases in sum assured added to this policy
After a special events increase under this Facility has been made, AIA will not pay the increased benefit amount if before the increase, the life assured qualified for payment of the Family Protection Benefit. b. Increases in sum assured issued as an additional new policy Where this policy or any part of the sum assured under it, has been issued as the result of an increase under the Special Events Increase Facility, then: the Special Events Increase Facility under this policy will not be available for the proportion of the sum assured that represents the increase. AIA will not pay the increased benefit amount if, before the increase, the life assured qualified for payment of the Family Protection Benefit.
How much will AIA pay for the Parents Grieving Benefit?
The benefit payable is:
$2,000 if the child is under 10 years of age; or
$15,000 if the child is 10 years of age or over.
Payment of the Parents Grieving Benefit will not reduce the sum assured of the Family Protection Benefit. AIA will pay a maximum of one claim per child under the Parents Grieving Benefit across all AIA policies for a life assured .
4.
Financial and Legal Advice Benefit
If AIA pays a claim under the Family Protection Benefit, then AIA will reimburse you for fees up to $2,500 including GST (in total) that you pay for financial planning you receive from an accredited Adviser or legal advice received from a legal professional approved by AIA , subject to the following conditions: You must pay for the financial planning or legal advice within the three months following AIA first commencing to pay the Family Protection Benefit claim; You must provide AIA with a completed claim form and a receipt satisfactory to AIA for the fees you are claiming; AIA will only pay one Financial and Legal Advice Benefit per life assured across all AIA policies . This is in addition to the sum assured.
7.
Premium Conversion Facility
You may at any time:
Convert all or part of your Family Protection Benefit from the premium type shown in the schedule to a Level premium structure; or Convert a Level premium structure to an alternate Level premium structure, of which term duration may be the same or less than the current Level premium structure. AIA will not require you or the life assured to produce further medical evidence at the time of conversion. You will be issued a new policy for the sum assured amount of Family Protection Benefit being converted, in which case:
5.
Counselling Benefit
The Family Protection Benefit under this policy will be reduced by the sum assured amount converted; The new policy will be issued based on the information provided at the time of conversion, together with the information provided in the original proposal; The terms and conditions of the new policy will be those which are then offered by us to the general
The Counselling Benefit covers the cost of a Psychiatrist or Psychologist consultation and/or counselling for a close relative of the life assured where the support treatments and/or consultations directly relate to a claim under the Family Protection Benefit. After referral by a registered medical practitioner we will reimburse up to $2,500 including GST (in total) per life assured , subject to the following conditions:
1103 AL-FP version 5 Effective 10 October 2023
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