ALL OTHER AIA, SOVEREIGN, AND ASB RISK AND HEALTH POLICIES INCLUDING AIA REAL HEALTH AND AIA SUPERIOR HEALTH
Until further notice, the following Suspension of Premium provision based on the AIA Living product range will apply to all other AIA, Sovereign, and ASB risk and health policies. This provision applies in addition to any other provisions that may appear in the customer’s policy:
If a life assured goes on parental leave, leave without pay for any reason, becomes redundant, or experiences financial hardship whilst self-employed, you may suspend cover under this Benefit for up to 12 months for the life assured provided that:
- You notify AIA within three months from the commencement of leave and provide evidence to AIA; and
- AIA acknowledges in writing receipt of that notification.
Cover for the life assured will be suspended from the date set out in AIA’s written acknowledgment.
No premium will be payable during the period that the cover is suspended.
No claim under this Benefit will be payable for any claim event that occurs during the period that the cover is suspended.
Cover under this Benefit may be reinstated after the nominated suspension period without the need to provide further medical evidence, provided that you notify AIA to reinstate this benefit.
If AIA does not receive notification to reinstate the suspended benefit before the end of your nominated suspension term, the benefit will be automatically reinstated for the life assured.
Cover for the life assured will be reinstated from the date set out in AIA’s written acknowledgement.
The premium payable for the reinstated benefit will be based on AIA’s premium rates at the time of the reinstatement.