Is my instalment subject to inflation/consumer price index (CPI) increases?

Plico's pricing is subject to an annual CPI review.

Just as any other business, Plico needs to adapt to economic changes. Doing so allows us to maintain a sustainable and strong business and, importantly, bring more benefits to our valued members. This means that all our pricing and instalments are subject to an annual CPI review. 

When you sign up, you have a minimum 12-month grace period in which no CPI increases are implemented. After this time, your weekly instalment will be subject to an annual CPI review. This could mean that your weekly, fortnightly or monthly instalment amount increases as inflation increases. While we may need to increase pricing at times, we are committed to minimising the impact to our members. We will never increase member instalments above the relevant published CPI indicator.

An annual CPI review is a standard practice that allows businesses to align with cost-of-living increases and inflation rates that inevitably change over time. Inflation affects almost all areas of our operations, including our equipment, services and subscriptions, wages, interest rates and our support service. In fact, it is certainly fair to say that our cost of doing business has been increasing faster than the rate of inflation over the past few years. Adjusting our pricing to align with CPI ensures that the value of our services remains consistent with economic conditions. 

In summary, your Plico instalment is subject to annual CPI adjustments. This measure from the Australian Bureau of Statistics is taken to ensure fairness, consistency and transparency in the face of fluctuating economic conditions. These increases will allow us to ensure that we bring more benefits to members.

For any further queries or clarifications, please reach out to us.

What is CPI?

The CPI, or Consumer Price Index, is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them. Changes in the CPI are used to assess price changes associated with the cost of living. CPI is measured by the ABS (Australian Bureau of Statistics) an independent statutory authority, whose main function is the central statistical authority for the Australian Government.