MLC Life Insurance's base premium rates for retail life insurance policies will remain on hold until October next year.
This affects MLC Insurance, MLC Insurance Super, Protectionfirst, Personal Protection Portfolio and Life Cover Super retail customers. The pricing guarantee also extends to future premiums payable for new customers after October 9.
MLC Life said it will be guaranteeing premium rates until 1 January 2020 and limit any potential future premium rate increases to a maximum of 10% until 1 January 2022.
Chief customer officer of retail advised insurance, Melissa Heyhoe, said the decision to guarantee premiums reinforces the company's commitment to providing life insurance products to customers at a competitive price.
"Our retail customers make an important financial commitment with us when they purchase one of our policies, so we have an obligation to reward that commitment by making them as affordable as we can," she said.
"Over the last 12 months we have made a number of enhancements to our products and services, including recent changes to underwriting, and we look forward to continuing this in future."
MLC Life recently expanded its Best Doctors service to policyholders under the MLC Insurance, MLC Insurance (Super), MLC Protectionfirst, MLCPersonal Protection Portfolio or MLC Life Cover Super products.