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Life Insurance 488 views August 17, 2021
Premium Waiver Benefit Rider waives off life insurance premium payments in case the life assured is diagnosed with any of the covered critical illnesses or gets disabled due to an accident. This is an optional insurance policy that can be added to the base policy upon additional payment. You cannot get the rider benefit if you are already disabled or have a pre-existing critical condition. Read this page further and learn more about the benefits of the Premium Waiver Benefit Rider and the top plans offering this facility in India.
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If you add the Premium Waiver Benefit Rider to your base plan, you’ll get the following benefits:
You’ll continue to receive the base policy benefits in case you file a claim under this rider. So, in case of your death or policy maturity, the benefits, as mentioned in your policy schedule, will be payable.
Once a claim is filed under this rider and the same is accepted by the insurer, there is no need to pay the premium.
Any bonus/loyalty additions (if any) under the base plan shall continue to accrue even after filing a claim under this rider.
To file a claim under this rider, you need to submit the physician’s statement confirming the disability/critical illness. You need to send the required document along with the duly filled claim form to the insurer.
The following are some of the popular Premium Waiver Benefit Rider Plans. Check out them below.
This rider provides a waiver for all future premiums in case any of the following events happen earlier, provided the base policy and the rider is in force:
In case of termination or surrender of the base policy, the following benefits are payable:
Bharti AXA Life Rider offers a waiver of future premiums in case of an unfortunate event like the diagnosis of a critical illness, death and permanent total disability. Under this plan, you will get two premium waiver options:-
Option 1 – Waiver of premium in case of death or permanent total disability. In case of disability, the same must persist for a continuous period of 180 days and be confirmed by a medical practitioner appointed by the company.
Note: The permanent total disability will only be accepted if it has occurred after 90 days from the date of issuance or revival.
Option 2 – Waiver of premium in case you are diagnosed with any of the following critical illnesses during the policy term.
Note – The above-mentioned critical illnesses should have been diagnosed after 90 days from the date of issuance or revival of the policy. The survival period is 30 days following the date of diagnosis of critical illness.
If you become disabled due to an accident, HDFC Life Insurance will waive the premiums for the policy, provided you have submitted satisfactory evidence regarding the same. You need to submit the following documents:
Note: Depending on the circumstances the insurer may ask you to provide further documents.
The insurer shall continue to waive the premiums until any one or more of the following occurs:
The Life Assured will be considered disabled if he/she is unable to carry out any occupation. If within 26 weeks of recovery from any disability, the Life Assured is again disabled due to the same illness or injury, the insurer will treat the further disability as a continuation of the preceding period of disability.
In case of the death of the proposer before the policy expiry, premiums payable under the Base Policy shall be waived off. However, any premiums in respect of any other riders, if opted under the Base Policy, shall not be waived and continued to be paid as per respective rider conditions.
If a claim under LIC’s Premium Waiver Benefit has been admitted, the insurer shall charge no subsequent premium towards this rider. The additional premium charged in respect of this rider shall not be considered to determine the Death Benefit of the Base Policy and calculate the surrender value of the Base Policy.
Note: If the premium paying term of the Base Policy exceeds the Rider Term, the life assured will need to pay all the premiums due under the Base Policy from the date of expiry of this Premium Waiver Benefit Rider.