In an update for advisers, Adrian Riminton, chief distribution officer, said as of April 1, the five and 10-year loyalty discounts of up to 10% applied on Platinum Plus, Mortgage Protector and Platinum policies in the Fidelity Life and Lumley ranges would not be applied.
“Whilst previously the loyalty discount has been automatically incorporated into Apollo illustrations, it has not been included in any policy wordings or renewal communications.
“Our review found very few advisers or customers are aware of it. We do however understand the importance of rewarding customers’ loyalty.”
Customers who had already had a five-year renewal would retain their 5% discount, the insurer said, but it would not increase to 10% at 10 years, unless that anniversary happened before April 1.
Meanwhile AIA is offering up to 15% discounts on AIA Living premiums if clients have at least $100,000 of cover and at least one other AIA Living insurance product.
It said advisers who submitted their AIA Living applications using its eApp before May 29 would also receive 20% extra Basic Initial Commission. That would drop to 10% after that date.
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