Your policy includes an inflation adjustment benefit. The inflation adjustment benefit helps you maintain the value of your policy over time.

This is a particularly important feature of your policy this year, given the recent high rates of inflation we have experienced. 

The rate of inflation MAS applies will depend on which policy type you have purchased. A summary of the rates to be applied to different MAS policy types is set out in the table below:

Policy Type

Inflation rate description

Inflation rate applied to your policy at this year’s renewal 

Income Protection

Personal Health

Life Insurance, Recovery Insurance and Total and Permanent Disablement policies issued between February 1993 and September 2011.

Index of Wage Rates

MAS uses the Labour Cost Index (Private sector) published by Stats NZ to determine the applicable rate.


Income Security

Life Insurance, Recovery Insurance and Total and Permanent Disablement policies issued before February 1993.

Professional Life Plan (PLP) issued after 26 September 2011.

Consumers Price Index

MAS uses the Consumers Price Index published by Reserve Bank of New Zealand to determine the applicable rate.


We have automatically updated your cover, and this updated cover is shown in your latest renewal statement, along with the policy type you originally purchased.

Impact to your premium

When we increase your cover for inflation, we automatically adjust your premium to reflect the increase.

At the same time, if you have a stepped-premium policy, we will adjust your premium based on your age.

The combination of these two factors will have a larger impact on your premium this year due to the higher inflation results.

Making sure your cover is suitable for your needs

We encourage you to review your new level of cover to make sure it remains suitable for your needs. If you have any concerns about your cover being too high, too low, or if your increase in premium will make it difficult to afford, please contact us and we can help find a solution which best meets your needs.

Under all policy types, you have the right to ask MAS not to apply the inflation adjustment at renewal.

Further details of your inflation adjustment benefit are in your policy document and your policy schedule. If you are unsure where to look, cannot find your documents, or have any questions about these documents, please contact us on or call us on 0800 800 627.

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