Risk Product Update

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AIA Australia update cover

Changes to AIA Australia’s insurance product suite include multiple updates across the product disclosure statement as a result of Unfair Contract Terms (UCT) reforms. Updates include:

  • Updated total and permanent disability (TPD) definitions (with some changes due to UCT), specifically bacterial meningitis, surgery to the aorta and carcinoma in situ

  • Priority Protection has seen two product updates in April and May 2021, effective April 3 2021, with improvements to TPD definitions, updates to medical definitions and other PDS updates and clarifications

  • Premium changes affect income protection and lump sum term level new business, effective 8 May 2021

  • The loyalty discount has changed for term level premium

  • Changes were made to occupational categories

  • Clarifications were made for income protection CORE

TAL product updates

Effective from 1 April 2021, some changes took effect at TAL, as follows:

  •  Health Sense Plus will be introduced to new business stepped premium policies

  • Term, TPD, critical illness and income protection benefits have been updated across a range of factors

  • Policy fee has increased to $8 per month