Upcoming policy fee change

ARTICLE

20 September 2022

3 mins read

Effective 1 October 2022, the Priority Protection policy fee will increase for both new and in-force business in line with the Consumer Price Index (CPI).

The Priority Protection policy fee will increase as follows.

Premium Frequency	Current Policy Fee	New Policy Fee
Monthly	$8.00	$8.48
Half Yearly	$46.65	$49.49
Yearly	$88.85	$94.27

What's the impact?

New Business Electronic Applications

Any New Business electronic application submitted before 1 October 2022 (including applications submitted before 1 October 2022, but not completed before this date) will have the old policy fee applied.

Any electronic application submitted on or after 1 October 2022 will apply the new policy fee.

New Business Paper Applications

Any new business paper application with a quotation date before 1 October 2022 (including paper applications with a quotation date before 1 October 2022 but have not been received by AIA and/or not completed before this date) will apply the old policy fee.

Any paper application with a quotation date on or after 1 October 2022 will apply the new policy fee.

In Force Business

For in force business, the new policy fee will apply from 1 October 2022 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 Associate.