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Term Insurance 773 views 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.
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.
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!
Table of Contents
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!
Bharti AXA Life Premium Waiver Rider Plan gives the following two options regarding the waiver of premium.
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.
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.
You should also check some important conditions for these critical illnesses mentioned below.
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.
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
We are showing the conditions related to the Bharti AXA Life Premium Waiver Rider Plan eligibility criteria below. Please check!