AIA Australia has announced that it will be making changes to its new business premium rates, particularly for its Priority Protection and Priority Protection for Platform Investors (PPPI) products.
The company will be adjusting its stepped life rates and will be integrating an additional large sum insured discount band. Moreover, the stepped premiums and level premiums for life cover and crisis recovery will also be adjusted.
AIA Australia chief retail insurance officer Pina Sciarrione stated that these adjustments will help AIA Australia ensure that advisers’ clients will be able to experience additional benefits.
“We know that life cover is a key element of most of our Priority Protection policies, that’s why we’re reducing premiums for life cover to ensure that advisers can offer more value to their clients,” she added.
These new pricings are only applicable for new business and will have no effect on current policyholders.