Term Insurance April 24, 2021

With a life insurance policy, individuals ensure their family’s financial security in case of their death during the policy term. Many people often ask whether their benefits will continue in case they are unable to pay the premium due to some unfortunate situations. Well, with the Bharti AXA Life Premium Waiver Rider Plan, policyholders can get their future premiums waived off, in case they face a critical illness, permanent disability or death.

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This is a rider plan that you can choose over your base life insurance plan. On choosing the Bharti AXA Life Premium Waiver Rider Plan, your benefits will remain unaffected even when your premiums are waived off. Let’s check some attractive features of this rider plan from Bharti AXA.

  1. Multiple Premium Waiver options
  2. No effect on Base Policy benefits
  3. Tax benefits on rider premium as well as the base plan
  4. A 15 or 30-day free look period

On this page, we will discuss the benefits of the Bharti AXA Life Premium Waiver Rider Plan in detail so that you can make a better decision. You can also know its eligibility criteria while going through this page. So, let’s start!

Let’s Discuss the Benefits of the Bharti AXA Life Premium Waiver Rider Plan in Detail

Bharti AXA Life Premium Waiver Rider Plan is a non-linked non-participating individual life insurance rider with which policyholders can accrue their insurance policy benefits even if they are unable to pay the future premiums due to any unforeseen events (critical illness, disability or death). You can attach this rider to an individual non-linked life insurance plan.

We are showing the benefits of this rider plan from Bharti AXA below. Please check!

Premium Waiver Rider Options

Bharti AXA Life Premium Waiver Rider Plan gives the following two options regarding the waiver of premium.

  1. On Death or Total & Permanent Disability
  2. On Critical Illness

Option 1: Waiver of Premium on Death or Total & Permanent Disability

With this option, all due future premiums will be waived off either on death or on total and permanent disability of life insured. You will need to keep the following conditions in mind regarding this option.

  1. To get the benefit under this option, the disability must have persisted continuously for a period of at least 180 days. Also, it should be in the opinion of a suitable doctor or medical practitioner (appointed by Bharti AXA) to deem this disability as permanent.
  2. The policyholder’s claim for total and permanent disability will only be approved if it occurs after 90 days from the date of issue or revival of the rider plan.

Option 2: Waiver of Premium on Critical Illness

This option helps waive off all future premiums due under the base life insurance plan if a policyholder is diagnosed with any of the following 11 critical illnesses under the rider plan.

  1. First Heart Attack of specified severity
  2. Open Chest CABG
  3. Kidney Failure regarding Regular Dialysis
  4. Major Organ/ Bone Marrow Transplant (Kidney/ Liver/ Lung/Heart)
  5. Open Heart Replacement or Repair of Heart Valves
  6. Stroke resulting in permanent symptoms
  7. Coma of specified severity
  8. Multiple Sclerosis with persisting symptoms
  9. Cancer of specified severity
  10. Permanent Paralysis of Limbs
  11. Benign Brain Tumor

You should also check some important conditions for these critical illnesses mentioned below.

  1. Any claim related to critical illness will be accepted if it occurs after 90 days from the date of issuance or revival of the rider plan.
  2. Also, the policyholder should survive for at least 30 days after the date of diagnosis of critical illness. It means, Bharti AXA will not pay any benefit if the insured person dies within such period.

Tax Benefits

For both options 1 and 2 of the Bharti AXA Life Premium Waiver Rider Plan, you will be eligible to get tax benefits under Section 80C of the Income Tax Act, 1961.

Rider Term and Premium Paying Term for Bharti AXA Life Premium Waiver Rider Plan

Both rider and premium paying terms will be equal to the premium paying term of the base plan on which you are choosing this additional rider.

The maximum premium amount for the Bharti AXA Life Premium Waiver Rider Plan can be 30% of the premium of the base life insurance plan. Also, the premium amount will be different for standard and substandard lives

Bharti AXA Life Premium Waiver Rider Plan Eligibility Criteria

We are showing the conditions related to the Bharti AXA Life Premium Waiver Rider Plan eligibility criteria below. Please check!

  1. The minimum age at entry stands at 18 years, while it can go up to 65 years.
  2. The maximum age at maturity stands at 70 years.
  3. Option 1 can be opted for the life of the policyholder if the life insured and policyholder under the base plan are different. On the other hand, Option 2 can be opted for the life of the policyholder if they are different or the same.

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