AIA Australia provides incentives for healthy behaviours
AIA Australia provides incentives for healthy behaviours | Insurance Business Australia
Life & Health
AIA Australia provides incentives for healthy behaviours
The reward is part of the company’s retail insurance offering
Life & Health
By
Roxanne Libatique
AIA Australia (AIA) has launched incentives for life insurance customers showing healthy behaviours as part of its retail insurance offering.
AIA will offer Healthier Life Reward, part of the 2023 update of AIA’s Priority Protection portfolio, to new customers who are non-smokers with a body mass index of 18-26, take up the AIA Vitality wellbeing program, and have no medical loadings on their policy.
Additionally, the reward will provide customers with a 2.5% discount on lump sum premiums for the life of the policy if the customer remains an AIA Vitality member. It will also provide an increased discount of up to 17% on eligible bundled products.
“We know that there are five key factors that people can focus on to reduce their risk of chronic disease – these are smoking, drinking alcohol, nutrition, physical activity, and our interaction with the environment. The Healthier Life Reward is one of the many ways that we want to incentivise Australians to make the best choices for their health,” said AIA Australia CEO and managing director Damien Mu.
Other AIA Priority Protection updates
As part of its Priority Protection update, AIA will improve customer access to past and future medical definition pass-back upgrades where they have a progressive condition, such as severe rheumatoid arthritis or multiple sclerosis, making them eligible to make a claim if their condition meets an updated definition.
“Traditionally, when we pass back upgrades of our medical definitions, the new definitions only apply to health events that arise after the upgrade has been put in place. However, for people who have a condition that gets progressively worse over time, we didn’t want them to be disadvantaged if at some stage their condition meets the terms of the upgraded definition.” Mu said.
AIA will contact advisers who have clients with a progressive condition where a previous claim has been declined to determine if they may be eligible to make a new claim under an upgraded definition.
Early this year, AIA extended its CancerAid program to AIA Health Insurance (AIA Health) customers after four years of seeing the program’s positive impact on life insurance customers.
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