AIA Australia makes product enhancements, updates Vitality

In a statement, the life insurer said it has made enhancements to its priority protection policy, with clients now able to access a 12.5 per cent discount for lump sum policies purchased with AIA Vitality.

AIA said a discount of 12.5 per cent has also been introduced on eligible lump sum benefits when lump sum cover and income protection are purchased together.

Additional product enhancements have also been made to the insurer's TPD Maximiser and income protection products.

Among the changes, the insurer has updated its AIA Vitality program, with "more immediate" day-to-day rewards introduced for members through a new partnership with Boost Juice.

"As a part of the ‘Active Benefits’ offer, AIA Vitality members who accumulate 250 physical activity points – the equivalent of 37,500 steps – in one week, will receive a $7.50 Boost Juice voucher," the statement said.

Other "improved benefits" include gift vouchers with a combined value of $650 and redeemable at Myer, Woolworths, JB Hi-Fi, Caltex and Rebel Sport.

"We recognised early on how important product innovation was, and introducing AIA Vitality has been a game changer for the industry. Its rewards system encourages clients to be more engaged with their insurance on a day-to-day basis and improves lapse rates, which is a key consideration for advisers," AIA chief retail insurance officer Pina Sciarrone said.

"By offering a unique program like AIA Vitality, advisers have the opportunity to provide demonstrable value for money to their clients over the life of the policy, which can increase engagement and retention of clients.

"Indeed, the results to date show that by giving clients the chance to engage with their insurance on a daily basis through the program, they are 40 per cent less likely to lapse on their life insurance policies," Ms Sciarrone said.