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ASB Credit Card Repayment Insurance

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Improvements to your ASB Credit Card Insurance take effect from 29 September 2020 and will apply to any new claims events occurring on or after this date. Your policy is provided by AIA New Zealand Limited (AIA, formerly known as Sovereign).

You do not need to do anything for the improvements to apply to your policy. We do encourage you to read the information below and contact us if you have any questions.

What improvements have been made?

AIA regularly reviews its products to ensure they are providing you with good value. Your policy has been updated to include the following enhancements.

Permanent Disablement

  • Reduction in the wait period from 6 months to 3 months

Temporary Disablement

  • The limit for the maximum amount you can claim has increased from $50,000 to $60,000
  • The assessment criteria for employed and self-employed customers has been improved and their claim for Temporary Disablement will be assessed on their inability to perform the key income producing duties of their role for at least 10 hours per week for 30 consecutive days
  • The assessment criteria for unemployed customers has been improved and their claim will be assessed on their inability to carry out normal household duties for at least 10 hours per week for 30 consecutive days

Suicide or deliberate injury exclusion

  • The suicide or deliberate injury exclusion has changed from being a permanent exclusion to a 13-month stand-down from the policy start date

You can find full details of these changes in our ASB Credit Card Insurance product change document.

Full details

We’ve also reduced your premiums. This means that from 29 September 2020, your ASB Credit Card Repayment Insurance premium will be $0.32 per $100 outstanding on your credit card for single cardholders and $0.55 per $100 outstanding on your credit card for joint cardholders.

Cover and claim eligibility

It is important to understand your cover and claim eligibility should you ever need to claim. Read through our Benefit brochure to find out more.

The availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions or premiums loadings may apply. An excess may apply for health insurance policies. For full details refer to the policy document which is available on request from any ASB Branch. This insurance is underwritten by AIA New Zealand Limited (“AIA”).