Bharti AXA Life Premium Waiver Rider Plan

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Introduction/Overview

Bharti AXA Life Premium Waiver Rider is an additional benefit which can be attached to the base policy to customize the plan. The rider offers additional benefit in case of death of the policyholder.

Key Features

  • The rider is applicable where the policyholder and the life insured is different
  • The rider can be availed at very nominal rates

Benefits

  • On death of the policyholder, the future premiums are waived off and are paid by the insurer while the base plan continues
  • The rider benefit ceases when the base plan ceases or the event insured against occurs or the policyholder discontinues the rider
  • Income tax benefit on the premium paid as per Section 80D of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18

Depends on the base plan

Maturity Age (Last Birthday)

-

Depends on base plan

Policy Term (PT) in years

10 / 15 / 20

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Same as under the base plan

Yearly Premium

Depends on rider Sum Assured

Sum Assured

Outstanding annualized premiums of the base plan

 

Policy Details

Grace Period: grace period as applicable under the base plan

Policy Termination or Surrender Benefit: not applicable under the plan

Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Exclusions

  • In case of suicide only 80% of the premiums paid till death are returned

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ of the base plan with accurate medical history along with the address proof. Medical examination may be required in some cases, based on the sum assured and the age of the person.