The Multi-Benefit Discount levels and eligibility criteria are summarised below.
Eligible Policies
The Multi-Benefit Discount only applies to AIA Living insurance policies and benefits (e.g. Life Cover, Critical Conditions, Progressive Care, Income Protection, Total Permanent Disablement, Family Protection).
AIA Private Health policies are not eligible for the Multi-Benefit Discount.
Qualifying for the Discount
The discount is determined for each person separately. To qualify for the discount, you must have life insurance plus at least one other eligible benefit, subject to minimum cover criteria specified below.
Existing Sovereign TotalCareMax and AIA Real benefits may count towards the eligibility criteria required to qualify for the discount, but these policies will not receive the discount.
For the purposes of determining eligibility, benefits are grouped into the following categories:
| Category |
Benefits |
| Mandatory Category |
Life insurance
$100,000+ |
| Optional Category A |
Trauma insurance
$75,000+ |
| Optional Category B |
Permanent disability insurance
$75,000+ |
| Optional Category C |
Income protection insurance
$24,000+ per annum |
Mandatory Category
Life insurance of at least $100,000 comprised of:
- a. Life Cover; or
- b. Family Protection; or
- c. Accidental Death; or
- d. A combination of any of the above benefits.
For the purposes of determining eligibility based on Family Protection, the amount of Family Protection cover will be converted to an equivalent lump sum amount. For example, Family Protection cover of $1,033 per month for a fixed term of 10 years is equivalent to a lump sum of $100,000.
Optional Category A
Trauma insurance of at least $75,000 comprised of:
- a. Critical Conditions; or
- b. Progressive Care; or
- c. A combination of the above benefits.
Optional Category B
Permanent disability insurance of at least $75,000 comprised of:
- a. Total Permanent Disablement.
Optional Category C
Income protection insurance of at least $24,000 per annum comprised of:
- a. Income Protection; or
- b. Mortgage Protection; or
- c. Start-Up Income Protection; or
- d. A combination of any of the above benefits.
Determining the Discount Level
The level of the discount will be determined as follows:
| Categories |
Discount |
| Mandatory Category + 1 Optional Category |
10.0% |
| Mandatory Category + 2 Optional Categories |
12.5% |
| Mandatory Category + 3 Optional Categories |
15.0% |
Examples
Assuming the minimum cover criteria are met, the following discount rates would apply:
- • Life Cover + Critical Conditions: 10%.
- • Life Cover + Income Protection: 10%.
- • Family Protection + Progressive Care: 10%.
- • Life Cover + Critical Conditions + Income Protection: 12.5%.
- • Life Cover + Critical Conditions + Total Permanent Disablement + Income Protection: 15%.
- • Critical Conditions + Income Protection: No discount (No benefits from the Mandatory Category).
Applying the Discount
The discount will be applied to all eligible AIA Living benefits, including other benefits that do not count towards the eligibility criteria such as Redundancy and Waiver of Premium.
The discount will not be applied to the policy fee (if any) or per mille premium loadings (if any).
Before your policy is issued, AIA will confirm the level of discount that you are eligible for. Your premiums will be adjusted to reflect any changes in this discount.
If the amount of cover and/or number of benefits you hold with AIA changes, AIA will re-calculate the discount and adjust your premium for your next billing due date.
Please refer to the Multi-Benefit Discount eligibility rules available at aia.co.nz for more information.
AIA reserves the right (subject to any applicable law) to cancel or modify the Multi-Benefit Discount for new and/or existing customers by posting updated Terms and Conditions at www.aia.co.nz. If AIA stops offering the discount to existing customers, you will be notified at least 90 days before the change.
