This rider, if availed, allows a policyholder an additional level protection over a main life insurance policy. The benefit of this rider is that it can waive off future premiums in the case of unexpected events like total permanent disability and/or critical illness. This rider can be availed along with any non-linked product as a base plan.
Eligibility Criteria for Bharti AXA Premium Waiver Rider:
Age - The ages mentioned are as per the last birthday
- Age at entry - Minimum 18 years and maximum 65 years
- Age at maturity - Maximum 70 years
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Features and Benefits of Bharti AXA Life Premium Waiver Rider:
This rider is available in two options for an interested policyholder -
Option 1 - Waiver of Premium on Death or Total Permanent Disability
If availed, this option allows a waiver of all the premiums due and payable under the Base Policy in case of the Death or Total Permanent Disability of the life insured.
Option 2 - Waiver of Premium on Critical Illness
If availed, this option offers a waiver on all the premiums due and payable under the Base Policy if the life insured is diagnosed with any one of the 11 critical illnesses mentioned as below -
- First Heart Attack - Of Specified Severity
- Open Chest CABG
- Kidney Failure Requiring Regular Dialysis
- Major Organ/Bone Marrow Transplant (Kidney/Liver/Lung/Heart)
- Open Heart Replacement or Repair Of Heart Valves
- Stroke Resulting in Permanent Symptoms
- Coma of Specified Severity
- Multiple Sclerosis with Persisting Symptoms
- Cancer of Specified Severity
- Permanent Paralysis of Limbs
- Benign Brain Tumour
The policy’s term will be equal to that of the base policy, limited to the rider’s own maturity terms.
The premium payment term and frequency for this rider will be the same as the base plan and there is no additional sum assured as per this rider.
The benefits of this optional rider can be mentioned as below:
- Death/Total Permanent Disability/Critical Illness Benefit - As per the base benefit offered by the rider, all unpaid or due premiums on the base policy are waived off under this condition
- Tax Benefits - As per the Income Tax Act of 1961, the premiums paid and the benefits from this term insurance plan are acceptable terms for tax benefits
Harish, aged 37 has been a policyholder with Bharti AXA Life insurance for 5 years now. Taking into consideration how his lifestyle has been and how much he could change it, he decides to go for the Premium Waiver Rider in case he and his family had to face any kind of unexpected situation.
Two years later, after receiving a mild heart attack, Harish suffers a major one again, but thankfully survives it. The rider option comes into effect and now till the maturity age of his base policy, Harish will not need to pay any premiums.
Frequently Asked Questions:
What are the exclusions to the rider?
Suicide clauses as mentioned in the base policy will be applicable for the rider.
What happens if I do not pay the premiums on time or discontinue payment completely?
The rider’s premium payment is taken in conjunction with the base policy and can’t be paid separately. If the base policy lapses, so will the rider.
Can the policy be revived?
Only if the base policy can be.
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