ANZ will provide a 10 per cent discount on combined death and total and permanent disability (TPD) policies valued at more than $1.5 million.
ANZ's managing director for the Australian wealth division, Alexis George, said in a media conference call this morning that it's important to note that the combined death/TPD policies will be available until the end of the year, but the discount itself will be a lifetime duration.
"We’re really trying to encourage our customers to see that they have the appropriate level of cover," she said.
Ms George cited an increasingly competitive market as one of the factors behind the move, noting that pricing is important in such an environment.
"Pricing is incredibly important at the moment and clearly there's a lot of attention on that from many aspects of the industry," she said.
"Clearly the market is in a competitive space at the moment, and I think it's important for us to remain competitive."
Ms George noted that while they are not looking at discounts for other insurance products such as income protection, they are reviewing the pricing of their entire suite of products.