AIA NZ has introduced a new excess option of $10,000 to AIA Private Health which it says will provide customers with a further option to reduce their monthly premiums.
In an adviser update the insurer says this will be in addition to the existing options of $0, $250, $500, $750, $1,000, $2,000 and $4,000.
“This new enhancement will provide customers with a further option to reduce their monthly premiums through the applicable discount,” it says, noting the $10,000 excess will be introduced with a premium discount of 77% of the base ($0 excess) Private Health rate.
The option has been available to new AIA Private Health applications and existing AIA Private Health customers from 17 April 2025.
As to why AIA is introducing a new excess option, the insurer says it regularly receives feedback from the market requesting it to introduce higher excess options as this provides advisers’ customers with additional options to manage affordability of their health insurance premiums.
“While the majority of AIA Private Health policy holders have an excess of $1,000 or less, we have seen a steady increase in customers selecting higher options.”
It says the new excess option will provide:
- An additional option for existing customers, particularly those looking to reduce their premiums and who can afford a higher level of self-insurance
- An option for customers who hold health insurance with another provider who are looking to top-up certain aspects of their cover
Click here for the AIA Adviser FAQ document.