A personalised insurance that can offer comprehensive insurance solutions including life, loan and income protection.
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Improvements to your ASB Personal Loan Insurance take effect from 15 February 2021 and will apply to any new claim 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.
AIA regularly reviews its products to ensure they are providing you with good value. Your policy has been updated to include the following enhancements.
Suicide or deliberate injury exclusion
You can find full details of these changes in the Enhancements Summary for ASB Personal Loan Insurance product changes.
It's important to understand your cover and claim eligibility should you ever need to claim. Read through our ASB Personal Loan Insurance Key Features and Benefits to find out more.
There are a number of circumstances, called 'exclusions', when AIA will not pay a benefit under your policy.
These include claims resulting from:
For full details of the exclusions relating to this policy, please refer to the benefit sections of the policy wording.
It is not mandatory to have this insurance so if your circumstances have changed or if you think this insurance may no longer be suitable for you, it is important to let us know. ASB Personal Loan Insurance can help you review your current insurance needs and ensure you have the insurance solution that’s right for you.
The cost of the insurance is based on the outstanding balance of your loan. The monthly premium rate is 35 cents (fortnightly is 16.15 cents) per $100 (pro-rated) of the outstanding loan balance.
For example, if your outstanding loan balance was $3,000 the insurance premium for that month would be $10.50 ($3,000/100 x $0.35).
The premium will be waived during the time you are receiving a benefit payment under the Temporary Disablement or Redundancy benefits.
Unless your policy is cancelled earlier by you, your policy will end when your loan is repaid, you stop paying the premiums, you reach age 77, we make a lump sum payment under the terms of the policy (excluding those made on the Death or Terminal Illness of a Spouse or Child benefit) or if all ASB Personal Loan Insurance policies are cancelled under the terms of the policy.
The policy may not be suitable for you if:
Please note, it is important that you are satisfied that you can afford this premium in addition to your ongoing personal loan repayment.
To claim on your ASB Personal Loan Insurance policy, simply contact us on 0800 501 223 or visit an ASB Branch to get an insurance claim form.
Once completed, please return the form to us by:
Once we've received your form we’ll be in touch to confirm the claim has been received and request any further information if required to assess the claim. There may be some instances when you are unable to make a claim, you can find out more in the policy wording.
*AIA is the largest life insurer in New Zealand by market share. Source: Q3-20 Market share data from New Zealand Financial Services Council.
The availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions or premium 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. ASB life, health and disability insurance is underwritten by AIA New Zealand Limited ("AIA").