The AIA Priority Protection policy fee will increase as follows.
AIA Priority Protection policy fee update
ARTICLE
30 September 2024
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Effective 4 November 2024, the AIA Priority Protection policy fee will increase for both new and inforce business in line with the Consumer Price Index (CPI).
Premium Frequency |
Current Policy Fee |
New Policy Fee |
| Monthly | $8.99
|
$9.33
|
Half Yearly
|
$52.46
|
$54.45
|
Yearly
|
$99.92
|
$103.71
|
What's the impact?
New Business Electronic Applications
Any New Business electronic application submitted before 4 November 2024 (including applications submitted before 4 November, but not completed before this date) will have the old policy fee applied.
Any electronic application submitted on or after 4 November 2024 will apply the new policy fee.
New Business Paper Applications
Any new business paper application with a quotation date before 4 November 2024 that is completed within 30 days of the quotation date will apply the old policy fee.
Any new business paper application with a quotation date before 4 November 2024 that is completed after 30 days of the quotation date will apply the new policy fee.
Any new business paper application with a quotation date on or after 4 November 2024 will apply the new policy fee.
Inforce Business
For inforce business, the new policy fee will apply from 4 November 2024 and will take effect on the next policy anniversary.
Communications
Policyholders will be notified of their new policy fee via their renewal notice of premium due letter, issued before their policy anniversary.
For more information, please contact your AIA Australia Client Development Manager or Sales Representative.