AIA Guide

  • AIA is the largest life insurer in the Asia-Pacific region, and the second-largest life insurer in the world.
  • AIA offers life cover for individuals and businesses, including term life cover, TPD cover, crisis recovery cover, income protection cover, and business expenses cover.
  • AIA’s standout feature is its AIA Vitality rewards program, which awards points to customers for participating in healthy living activities. These points can then be redeemed for discounts on a range of products and services.

AIA Australia is backed by AIA Group, the biggest independent publicly listed life insurance group in the Asia-Pacific region. AIA has been in the life insurance business for 45 years, and provides insurance services to over 4 million Australians.

AIA is the second-largest life insurer in the world, and the largest listed company on the Hong Kong Stock Exchange. In 2013, it launched AIA Vitality, a program that rewards Australians for leading a healthy lifestyle. It has set itself apart from the competition by incentivising health for its customers.

AIA has the standard life insurance policies: term life insurance, TPD insurance, income protection, and trauma insurance. They also offer insurance on business expenses. All eligible AIA life cover policies come with automatic membership of the AIA Vitality program.

AIA Life Insurance


Life Cover
Lump sum benefit paid out when you die or become terminally ill.


TDP Cover
Lump sum benefit paid out when you are totally and permanently disabled.


Crisis Recovery Cover
Lump sum benefit paid out when you are diagnosed with a serious illness.


Income Protection Cover
Ongoing benefit paid for a set period to replace lost income due to an injury or illness.


Business Expenses Cover
Ongoing benefit paid for 12 months for self-employed people who are injured or ill.


Incorporated Business Expenses Cover
Ongoing benefit paid for 24 months for business owners who are injured or ill.

AIA Life Cover

AIA life cover is what’s also known as term life insurance. It’s a lump sum benefit that is paid out when the insured person dies or is diagnosed with a terminal illness. It can be held under an ordinary plan, which means it was acquired by you, or through your superannuation plan, meaning it was acquired by the trustee of the super fund.
There are four types of benefit structures for AIA life cover:

  • Life cover benefit: Death benefit and terminal illness benefit as long as you pay your premiums and hold the policy.
  • 5-year term: Death benefit and terminal illness benefit for a 5 year term
  • 10-year term: Death benefit and terminal illness benefit for a 5 year term
  • Accidental death: pays a lump sum if you die as a result of an accident only. Maximum benefit of $1,000,000.

AIA Total and Permanent Disablement Cover (TPD)

TPD cover pays a lump sum benefit if you are totally and permanently disabled, rendering you unable to work either in your own occupation or any occupation. AIA offers three types of TPD benefits:

  • TPD: All occupation categories eligible
  • Accidental TPD: Certain occupation categories ineligible
  • Universal TPD: All occupation categories eligible

TPD can be bought as standalone cover or as a rider benefit for other types of cover, such as life cover.

AIA Crisis Recovery Cover

Crisis recovery is sometimes referred to as trauma or critical illness cover by other insurers. It pays a lump sum if you are diagnosed with a serious illness as defined by the policy. Crisis recovery can be purchased as a standalone policy or in conjunction with other policies.

Crisis events defined by AIA include, but are not limited to, the following:

  • Cancer
  • Heart attack
  • Major burns
  • Major head trauma
  • Blindness
  • Dementia

There are some defined events where the full benefit is not paid out. For example, if you have breast cancer where no mastectomy is performed, you may qualify for a partial benefit.

Crisis Recovery policies include a complimentary family protection benefit. This means that you’re automatically covered up to a certain amount if your child experiences certain events, such as death or terminal illness. Waiting periods apply.

Income Protection Cover
Income protection pays an ongoing monthly benefit of up to 75% of your regular income. It is designed to cover the loss of income that occurs if you are temporarily disabled and unable to work.

AIA offers three income protection products:

  • Income Protection: Monthly benefit if you are disabled due to injury or sickness
  • Income Protection Accident: Monthly benefit if you are disabled as a result of an accident only
  • Income Protection Essentials: Maximum monthly benefit of $4,000

Income Protection and Income Protection Accident can be purchased both inside and outside of superannuation, while Income Protection Essentials can only be purchased outside of super.

AIA Business Expenses Cover
Self-employed people can be especially vulnerable to income loss due to an injury or illness. AIA’s business expenses cover was developed to cover business expenses for self-employed people. It can only be purchased outside of superannuation, either as a standalone policy or as an optional benefit with an Income Protection policy.

This cover pays a monthly benefit for a period of up to 12 months.

AIA Incorporated Business Expenses Cover
If a business owner becomes sick or injured, it can sometimes mean that regular business expenses don’t get paid. Incorporated business expenses cover ensures that these expenses are still taken care of. It is purchased outside of superannuation by the business entity, not the individual who is insured.

This cover pays a monthly benefit for a period of up to 24 months.

AIA is a high-performing, award-winning life insurance company. Recent awards include:

  • 2017, 20115, 2013, 2012 Life insurer of the year (ANZIIF)
  • 2016 Women’s employer of the year (ANZIIF)
  • 2017, 2016, 2014, 2012, 2011 Best insurer of the year (SuperReview)
  • 2017 Consumer innovation award – AIA Vitality (FSC)
  • 2017, 2016 Life insurance product of the year – AIA Vitality (ABF Insurance Awards)
AIA Performance 2017
13 million benefit payments made during 2017
Total sum of US $1 trillion assured across the Asia-Pacific region
Over 16 million participating members
Value of new business US $3,512 million, +28% from 2016

AIA in Australia

In 2016, AIA Australia paid $1,156,677,931 to its clients.
Here’s how the percentages were distributed:
Four circles with the following percentages inside each:

Death
45.5%
Total Permanent
Disability
26.4%
Income Protection
23.2%
Crisis Recovery
4.8%
Source:
http://www.aia.com.au/en/adviser/partner-with-us/claims-philosophy.html
http://www.aia.com.au/en/adviser/partner-with-us/claims-philosophy.html

AIA lets customers choose how they would prefer to lodge a claim.

Claim online
eClaims for Income protection cover or business protection cover can be lodged online using the Self Service portal on the AIA website.

Claim over the phone
Customers can call the Teleclaims team on 03 9009 4850 to lodge a claim over the phone. Speed up the process by having the details of your claim and your policy number on hand when you make the call.

Claim in writing
Contact the Teleclaims team on 03 9009 4850 and request a claims form by email, mail, or fax. For cover purchased through superannuation, you may need to contact your super fund in order to make a claim.

Eligible AIA policyholders will be given access to the AIA Vitality member rewards scheme. It’s a points-based program that offers incentives to members for making healthy lifestyle choices. Members can move up through the different levels—Bronze, Silver, Gold, and Platinum—by earning points.

AIA Vitality Status
Bronze
0 points
Silver
10,000 points
Gold
20,000 points
Platinum
30,000 points

Here are some of the ways you can earn AIA Vitality points:

  • Complete online health assessments
  • Complete nutrition & fitness assessments
  • Undergo health screenings at designated locations
  • Receive eligible vaccinations at designated locations
  • Visit partner gyms (subject to daily limit)
  • Track your nutrition

As you earn points, they can be redeemed on various member benefits and rewards, like:

  • Premium discounts on AIA insurance products
  • Up to 50% off flights and cruises from travel partners
  • Discounted movie tickets at partner theatres
  • $150 platinum bonus for achieving platinum status by your membership anniversary date
Phone :
1800 333 613
Website : aia.com.au
Address :
Level 6, 509 St Kilda Road,
Melbourne VIC 3004

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