AIA Revise Trauma and Life Policy Benefits

AIA has updated the benefits of its living products covering critical conditions, progressive care, life cover, and family protection. In some cases, the changes will be applied to selected closed Sovereign and TotalCareMax products.

Among a raft of changes detailed here, is that the minimum coverage age for standalone children’s trauma has been lowered to three months (previously it was two years).

AIA has extended the life buyback reinstatement period from 30 to 60 days to give customers more time to reinstate their cover.

The firm has also removed the benefit for new business that pays on the diagnosis of medically or occupationally acquired HIV, and introduced a new benefit that pays on the diagnosis of advanced AIDS – regardless of transmission method.

Updates also include a change to its terminal illness definition to clarify that life expectancy is less than 12 months, despite all reasonable medical treatment.

AIA has also increased its bereavement support benefit from $15,000 to $25,000 in cases where there is joint policy ownership (i.e., no probate required).

The new benefit enhancements are applicable to new claim events on or after 10 October 2023. Any claims  prior to this date will be assessed using the better of the customers’ original policy, says AIA.