AIA Life Cover Plan

The Life Cover Plan offered by AIA will pay a lump sum benefit if the policy holder passes away before the benefit expires and their death is due to illness or injury.

AIA’s Life Cover Plan pays out a lump sum benefit either to the policy holder or their nominated beneficiary if death occurs due to injury or illness, or if the policy holder is diagnosed with a covered terminal illness.

There are a number of benefits that are built-in to the Life Cover Plan. These include:

• Benefit Indexation. This option allows the insured’s benefit to automatically increase each year by the higher of the CPI increase or 5%.
• Final Expenses Benefit. If the insured passes away prior to the policy expiration, AIA will make an advanced payment of the lesser of 10% of the insured sum and $25,000 to the nominated beneficiary in order to assist with immediate final expenses.
• Premium Freeze. If the policy holder is at least age 35 and is paying their premiums on a stepped premium basis, they are allowed to freeze their premiums if they so choose.
• Financial Planning Reimbursement Benefit. If a claim is paid by AIA for either death or terminal illness, the company will reimburse the insured’s nominated beneficiary or the insured for the cost of obtaining advice from one or more financial planners.
• Guaranteed Future Insurability Benefit. If the policy holder experiences a personal or business event prior to the age of 55, they are eligible for this benefit which will allow them to apply for increases in their life cover sum insured without the need to supply additional evidence of health or insurability.