AIA Australia
AIA Life Insurance
AIA Australia is another insurance company that focuses on individuals and corporations. For individuals, AIA Australia offers life cover plan, crisis recovery plan, disability income plan, business expenses plan, and superannuation life cover plan.
Life cover plan and superannuation life cover plan are the policies that are the most relevant to Life Insurance.
The life cover plans offered by AIA Australia are: life cover benefit, 5-year term, 10-year term, and accidental death. Accidental death only compensates in death resulted by accidents. Through the 5-year and 10-year terms, the insured receives the money only if the person dies or is diagnosed with a terminal disease before the term expires. Another difference of the life cover plan is that along with all the features of the three other plans, this plan also enables the insured to get additional benefits with extra costs. These benefits include crisis recovery, crisis recovery buy-back, crisis reinstatement, female crisis assistance, child’s recovery, total and permanent disablement, total and permanent disablement buy-back, waiver of premium, and forward underwriting benefit.
Superannuation life cover plan is very similar to the life cover plan in the sense that along with the superannuation life cover, there are superannuation 5-year term cover, superannuation 10-year term cover, and superannuation accidental death. But, this plan also has another option called superannuation PLUS, which includes all the additional benefits that would have to be paid separately for the regular superannuation life cover.
Because the superannuation life cover plan is through the trustee, the policy has stringent requirements for eligibility, which are listed in the Priority Protection Product Disclosure Statement (PDS).
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