pregnant while this Mortgage, Income or Rent Cover Benefit is in force provided: the life assured provides AIA with a confirmation of pregnancy from an appropriate registered medical practitioner ; and the life assured did not become pregnant within nine months of:
six monthly Childcare Support Benefit payments have been made; or
the end of the benefit payment period is reached; or
the end of the benefit term is reached.
You will need to provide evidence satisfactory to AIA each month of the additional childcare fees that have been paid before AIA will make a payment under the Childcare Support Benefit.
the risk commencement date ; or
−
− the most recent reinstatement of this Mortgage, Income or Rent Cover Benefit; and
This payment is in addition to the monthly benefit.
the life assured is on maternity leave .
18.
What is the Waiting Period Reduction Benefit?
You must notify AIA in writing when the premium is to be waived. This Pregnancy Premium Waiver will cease when six consecutive months premium have been waived.
If this Mortgage, Income or Rent Cover Benefit has a waiting period of 26, 52 or 104 weeks the life assured can reduce this waiting period , without providing any further medical evidence, if the life assured’s Business Overheads, Business Continuity, Rural Continuity or Locum Cover is cancelled due to: the life assured no longer being actively engaged in the business;
16. What is the Return to Home Benefit?
If the life assured is outside of New Zealand and suffers, for the first time a total disability, upon acceptance of the claim we will pay the lesser of:
the business being sold; or
three times the monthly benefit specified in the schedule ; or
the business is no longer actively trading .
a single standard economy flight back to New Zealand for the life assured and one support person. In total the maximum AIA will pay over the life of the Policy under the Return to Home Benefit is $10,000. No payment will be made if the life assured is covered for the same event with a travel insurance provider.
The waiting period for this Mortgage, Income or Rent Cover Benefit will reduce to align with the waiting period on the cancelled Benefit. The reduced waiting period on this Mortgage, Income or Rent Cover Benefit will apply to the lesser of: the monthly benefit for the Business Overheads, Business Continuity, Rural Continuity or Locum Cover at the time it was cancelled; or the monthly benefit for this Mortgage, Income or Rent Cover Benefit.
17. What is the Childcare Support Benefit?
AIA will pay a Childcare Support Benefit in the following circumstances: the life assured is totally disabled or partially disabled and is receiving a monthly benefit; and as a direct result of the life assured’s disability, additional childcare costs are incurred over and above any childcare arrangements which existed prior to the life assured becoming totally disabled or partially disabled , in respect of any dependent child who is under the age of 14 years old; and the additional childcare services are not being provided by you or an immediate family member, in AIA’s sole opinion. The amount AIA will reimburse under the Childcare Support Benefit is the lesser of:
For example:
A life assured has the following:
Mortgage, Income or Rent Cover with a $2,500 per month benefit and a 52 week waiting period ; and Business Continuity with a $1,000 per month benefit with a 13 week waiting period . When Business Continuity is cancelled the Mortgage, Income or Rent Cover Benefit waiting period would be reduced to a: 13 week waiting period with a $1,000 per month benefit; and
52 week waiting period with a $1,500 per month benefit.
The following conditions apply:
the actual additional childcare costs; or
Within 60 days of the cancellation of cover the life assured must notify AIA in writing with supporting evidence that the life assured is no longer actively engaged in the business or the business has been sold or the business is no longer actively trading;
$800 per month per dependent child under the age of 14 years old.
This Childcare Support Benefit is payable until the earlier of:
the life assured no longer being totally disabled or partially disabled ; or
1117 AL-MIRC version 1 Effective 31 July 2025
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