AIA

AIA - Company history and milestones

AIA has a rich global history dating back to 1919, when it was founded in Shanghai. Since then, AIA has grown into a leading insurance group operating across Asia-Pacific markets. AIA Australia Limited entered the Australian market in the 1970s and has steadily built a reputation for product innovation, customer service excellence, and financial strength.

The launch of the AIA Vitality program marked a major innovation in life insurance, encouraging Australians to live healthier lives while reducing long-term claims risks. AIA has expanded its product offerings through acquisitions (such as taking over CMLA’s retail life insurance business from Commonwealth Bank) and partnerships with major financial institutions and superannuation funds.

Key Milestones

• 1919: AIA founded in Shanghai, China.
• 1972: AIA enters the Australian market.
• 2014: Launch of AIA Vitality program in Australia.
• 2021: Acquisition of CommInsure Life (CMLA) retail life insurance business from Commonwealth Bank.
• 2025: AIA Australia continues leading innovation in health-integrated life insurance solutions.

AIA - Key Strengths

AIA Australia stands as a significant player in the Australian life insurance market, backed by the global strength of the AIA Group. They distinguish themselves through a commitment to not only providing financial protection but also actively encouraging healthier lifestyles among their customers. This is evident in their innovative approach to product design and their dedication to building strong relationships within the financial advice community.

• Global and Local Stability: Part of AIA Group with strong Australian operations.
• Innovative Product Design: Integration of health and life insurance through AIA Vitality.
• Comprehensive Insurance Solutions: Offering full coverage options across life, TPD, trauma, and income protection.
• Reward-Based Premium Discounts: Vitality participation can lower insurance costs over time.
• Strong Adviser Network: Deep relationships with Australian financial advisers and planners.
• Focus on Preventative Health: Programs designed to improve customer health outcomes and reduce future claims.
• High Claims Transparency: Commitment to open reporting and fair claims processing.

AIA -Sustainability and corporate responsibility

• Purpose-Driven with ESG Integration: AIA Australia's core purpose to help people live healthier, longer, better lives guides their integrated Environmental, Social, and Governance (ESG) strategy.
  
• Commitment to Health & Wellbeing: Beyond insurance, AIA actively promotes healthier lifestyles through the AIA Vitality program, incentivizing positive behaviour change.
  
• Sustainable Operations Focus: AIA Australia is dedicated to minimizing its environmental impact through renewable energy use and efficient resource management in its operations.
  
• Responsible Investment Practices: AIA integrates ESG factors into its investment strategy, prioritizing ethical governance and divesting from thermal coal.
  
• Active Community Engagement: AIA Australia partners with numerous sporting and community organisations to promote health, wellbeing, and support important social causes.
  
• Strong Governance and Ethical Conduct: AIA Australia operates with high standards of ethical behaviour, robust risk management, and full regulatory compliance.

Focus on Financial Inclusion: AIA strives to broaden access to quality care and financial protection for diverse segments of the Australian population.

AIA - Product disclosure statement (PDS)

The Product Disclosure Statement (PDS) for AIA Australia Life Insurance outlines the key policy features, inclusions, exclusions, obligations, and risks associated with their life insurance offerings.

• Cover Types: Life Cover, TPD Cover, Crisis Recovery (Trauma) Cover, and Income Protection.
  
• Eligibility: Australian residents aged 18–75 (depending on product type and cover level).
  
• Built-in Benefits: Terminal illness benefits, financial planning assistance benefits, and premium freeze options.
  
• Optional Extras: Vitality membership integration, additional crisis benefits, business expenses cover.
  
• Exclusions: Suicide exclusion periods, exclusions based on hazardous activities, and pre-existing conditions.
  

Important Note: Customers should review the full AIA Australia Life Insurance PDS to understand the full benefits, options, and policy exclusions.

AIA - Target Market Determination

Life Insurance provided by AIA Australia

• Product Range: Life Insurance (with optional TPD and Trauma cover)
• Issuer: AIA Australia Limited (ABN 79 004 837 861, AFSL 230043)
• Effective Date: 10 November 2023
  
• Target Market Class of Consumers:
  • The customer has (or anticipates having) outstanding financial commitments that their estate may not cover in the event of death, terminal illness, TPD, or trauma (if those optional covers are held).
  • These commitments include mortgage costs, debts, final expenses, income replacement, and medical/care costs.
    
• Product Description and Key Attributes:
  • Provides a lump sum payment upon death or terminal illness (Life cover).
  • Optional covers for Total and Permanent Disability (TPD) and Trauma are available, providing lump sum payments under specific conditions.
    
• Key Eligibility Requirements:
  • Australian citizen or permanent resident, or New Zealand citizen.
  • Commonwealth Bank customer with an active NetBank ID.
  • Aged 18-65 at application (Life cover), 18-59 (TPD/Trauma).
  • Meets underwriting requirements, including BMI and lifestyle/medical factors.
  • For TPD, not performing heavy manual work or working less than 20 hours per week.
    
• Key Benefits:
  • Death Benefit: Lump sum payment upon death.
  • Terminal Illness Benefit: Lump sum payment upon diagnosis of a terminal illness.
  • TPD Benefit (optional): Lump sum payment if the customer meets the definition of total and permanent disability.
  • Trauma Benefit (optional): Lump sum payment if the customer is diagnosed with a listed trauma event.
    
• Exclusions:
  • Suicide within the first 13 months of the policy.
  • Deliberately self-inflicted injury or sickness (TPD/Trauma).
  • Trauma condition suffered within 90 days of policy commencement (Trauma).
  • Death, TPD, or trauma event arising from criminal activities and war.
  • Events arising from certain hazardous duties (e.g., working at heights, underground).
    
• Needs, Objectives, and Financial Situation:
  • Customers want to reduce the financial burden of death, terminal illness, TPD, or trauma.
  • Customers want to protect assets and limit liabilities.
  • Customers can afford to pay premiums to maintain the policy.
    
• Product is NOT designed for individuals who:
  • Are not Australian/New Zealand citizens or permanent residents.
  • Are not Commonwealth Bank customers with NetBank ID.
  • Are not within the specified age ranges.
  • Do not meet underwriting requirements.
    
• Alignment to Target Market:
  • The product is designed for those with financial commitments who can pay premiums, aligning with their needs and objectives.
• Distribution Conditions and Restrictions:
  
  • Distribution Channels: Online via the Commonwealth Bank NetBank platform, and contact center for application assistance.
  • Distribution Conditions:
    • Customers must be existing Commonwealth Bank customers with NetBank access.
    • Suitability and eligibility questions are used.
    • PDS and supporting materials are provided.
    • Contact center staff are trained and follow quality assurance.
      
• TMD Reviews:
  • Initial review within 12 months of the effective date.
  • Periodic reviews at least every three years.
  • Review triggers include external events (law changes), product changes (eligibility), and distribution changes.
    
• Distribution Information:
  • Distributors report complaints half-yearly and significant dealings within 10 business days.

Bites of Life by AIA

• Product Range: Life cover, Injury cover, and Income Protection
• Issuer: AIA Australia Limited (ABN 79 004 837 861, AFSL 230043)
• Effective Date: 5 April 2022
  
• Target Market Class of Consumers:
  • The customer has (or anticipates having) outstanding financial commitments that their estate may not cover in the event of death, a Specific Injury, or the need to replace their pre-disability income if totally disabled.
  • These commitments include basic living expenses, lifestyle maintenance, debt repayment (for Life cover), specialist appointments and equipment (for Injury cover), and short-term household expenses (for Income Protection).
    
• Product Description and Key Attributes:
  • Provides a lump sum payment in the event of death (Life cover).
  • Provides a lump sum amount in the event of a Specific Injury (Injury cover).
  • Provides a monthly payment for a limited benefit term in the event of total disability due to injury or sickness (Income Protection).
    
• Key Eligibility Requirements:
  • Australian citizen or permanent resident, or New Zealand citizen.
  • Living permanently in Victoria, Australia, at the time of application.
  • Aged 25-35 years old at the time of application.
  • Working in a white-collar occupation.
  • Non-smoker.
  • Permanent employee or self-employed working at least 20 hours per week for the past year.
    
• Key Benefits:
  • Life cover: Lump sum payment to assist loved ones with basic expenses, lifestyle maintenance, or debt repayment.
  • Injury cover: Lump sum payment for Specific Injury events and related medical/living expenses.
  • Income Protection: Monthly payments to protect income during disability.
    
• Exclusions:
  • Suicide within the first 13 months of the policy (Life cover).
  • Deliberately self-inflicted injury or sickness (Injury cover, Income Protection).
  • Death, Specific Injury, or Total Disability arising from criminal activities and war.
  • Normal pregnancy (Income Protection).
  • Specific Injury suffered within the first 60 days of the policy (Injury cover).
  • Effects of alcohol or drug misuse.
  • Hazardous pastimes or professional sports.
    
• Needs, Objectives, and Financial Situation:
  • Customers want to cover financial commitments in the event of death, injury, or disability.
  • Customers can afford to pay premiums to maintain the policy.
    
• Product is NOT designed for individuals who:
  • Are not Australian/New Zealand citizens or permanent residents.
  • Are not living in Victoria.
  • Are not aged 25-35.
  • Do not work in a white-collar occupation.
  • Are smokers.
  • Are not permanent employees or self-employed working at least 20 hours per week.
  • Do not meet other eligibility requirements.
    
• Alignment to Target Market:
  • The product is designed for those with financial commitments who can pay premiums, aligning with their needs and objectives.
    
• Distribution Conditions and Restrictions:
  • Distribution Channel: Online via the Snackbox platform.
  • Distribution Conditions:
    • Suitability and eligibility questions are used.
    • Customers can access and read the PDS and other materials before purchase.
    • Contact center representatives are trained and follow quality assurance.
      
• TMD Reviews:
  • Initial review within 12 months of the effective date.
  • Periodic reviews at least every three years.
  • Review triggers include external events (law changes), product changes (eligibility), and distribution changes.
    
• Distribution Information:
  • Distributors report complaints half-yearly and significant dealings within 10 business days.

AIA - Contact details

Company Name: AIA Australia 

Customer Service Phone Number: 13 14 84 (within Australia)

International Phone Number: +61 3 9865 1000

Claims Phone Number: 1800 000 242

Postal Address: Locked Bag 9993, Melbourne VIC 8008

Operating Hours: Monday–Friday, 8:30am–5:30pm AEST