AIA Australia has announced it is altering some of its medical definitions for one of its key products as part of a regular review.
AIA says the updated medical definitions on conditions such as stroke and severe rheumatoid arthritis for its Priority Protection product, as well as the introduction of a new partial benefit for rheumatoid arthritis, will apply to eligible existing policies effective 17 December 2016.
The Income Protection Super Extras policy will allow premiums to be split 95/5 (previously 85/15) across super and non-super respectively, AIA said in a statement.
In addition, AIA is implementing a two-year rate guarantee for all new Priority Protection products and will apply this approach retrospectively for a range of product series.
The premium rate freeze will provide stability for clients in the first few years of their policy, AIA said.
Other changes include an initial 7.5 per cent discount for all Income Protection and Business Expenses policies when AIA Vitality is attached to the policy.
“By giving clients the chance to engage with their insurance on a daily basis through the AIA Vitality program, they are over 50 per cent less likely to lapse on their life insurance policies,” AIA Australia chief retail insurance officer Pina Sciarrone said.