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Corporate Solutions


Life Cover

Life can be unpredictable. Should an employee be diagnosed with a terminal illness or pass away, life insurance can provide financial security for their loved ones with a lump sum payment. It can help to cover expenses, pay off debts, and support daily life during the toughest times.

Built-In Benefits*

  • Terminal Illness

    Provides an early Life Cover payment if an employee is diagnosed as being terminally ill and likely to die within 12 months. This means they can spend their time with loved ones without worrying about finances.

  • Bereavement Support Benefit

    Provides a partial early Life Cover payment to assist with immediate expenses, such as funeral costs. The amount paid will reduce the amount of Life Cover remaining for the employee.

  • Dismemberment and Major Burns Benefit

    Provides a payment if an employee experiences one of the defined losses within 100 days of an accident.

Loss
Payment
Major Burns
Loss of both hands
Loss of both feet
Loss of the entire sight of both eyes
Loss of one hand or one foot
Loss of one hand and the entire sight of one eye
Loss of one foot and the entire sight of one eye
$50,000
Loss of one hand
Loss of one foot
$20,000
Loss of entire sight of one eye
$16,250
Loss of thumb and index finger on either hand
$12,500
*Note that certain conditions must be satisfied for built-in benefits.

Optional add-ons

Total and Permanent Disablement Benefit

Total and Permanent Disablement (TPD) helps look after an employee and their family's future if they become totally and permanently disabled, and are unable to work as a result of accident or illness. Permanent disability might not only prevent your employee from working and earning, but it could also substantially increase their cost of maintaining a comfortable lifestyle.

AIA Corporate Solutions TPD provides a lump sum payment which can assist employees with mortgage payments, medical expenses, modifications to their home and other bills allowing them to focus on adapting to their new world. It is an accelerated benefit against the Life Cover, meaning any amount paid under a TPD benefit claim will reduce the amount of Life Cover remaining for that employee.

Two TPD options are available - Own Occupation or Any Occupation.

Continuation Option

If an employee is under 75 years of age for Life Cover and 70 years of age for Total Permanent Disablement (or the plan’s cessation ages if lower), they can apply to transfer some or all of their cover into an equivalent retail policy without medical evidence if: 

  1. they cease employment; or
  2. they are no longer eligible for cover under the plan; or
  3. their benefit is reduced or cancelled; or
  4. the plan is cancelled

Additionally they may be provided with continued cover during the application period.

Conditions apply.