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Life Insurance - Waiver of Premium Rider

A waiver of premium is an optional additional benefit to a life insurance plan that will pay or waive your life insurance premiums if you are unable to work or become critically ill, disabled or injured. This ensures that your insurance plan stays active even if you can no longer afford to pay premiums. 

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What is Waiver of Premium in Life Insurance?

A Waiver of premium refers to the add-on benefit that allows policyholders to rest assured that the policy will continue to pay the premiums on their behalf in case they are unable to due to an eventuality. The eventualities covered under this term insurance rider can be different for different plans, and thus, it is recommended that you take a thorough look at the policy documents for a better understanding.

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How Does a Waiver of Premium Benefit Work?

Let us understand the life insurance waiver of premium rider benefits with an example:

Samara is a 35-year-old professional who has a life insurance policy with a waiver of premium benefits. Unfortunately, Samara is diagnosed with a severe illness that leaves her unable to work and pay her insurance premiums.

However, because Samara’s policy includes a waiver of premium benefit, once she meets the policy's criteria, such as being diagnosed with a critical illness for a specified period, the insurance company waives her future premium payments. This means Samara can focus on her recovery without worrying about keeping up with premium payments while still maintaining her valuable life insurance coverage for her family's financial protection.

What are the Benefits of Waiver of Premium Rider?

  • Continued Cover Even after the Policyholder’s Death: With the waiver of premium benefit in child life insurance, you can rest assured that your child will be protected and covered under the policy even after the policyholder’s death (the parents).

  • Continued Cover even when you are unable to pay premiums: In life insurance plans where the waiver of premium is added as an add-on benefit, the insurer will waive off all the remaining premiums in case the policyholder is unable to pay them due to a job loss caused by disability or critical illness.

  • Prevention of Policy Lapsation: The waiver of premium riders also ensures that the end of coverage due to non-payment of premiums is avoided and that you are still covered under the policy benefits.

  • Tax Benefits: You can claim life insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.

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How Much Does a Waiver of Premium Rider Cost? 

The cost of a Waiver of Premium Rider can vary depending on several factors:

  • The insurer: Different insurance companies have their own pricing models based on their underwriting standards and risk assessments.

  • The policyholder: Factors such as age, health, lifestyle, occupation, and smoking status can impact both the cost of the life insurance premium and the associated Waiver of Premium Rider.

  • The policy: Variables like the policy term and coverage amount of the life or term insurance policy will affect the cost of the rider. Typically, longer terms and higher coverage amounts result in higher costs for the rider.

How Can I Avail of the Life Insurance Waiver of Premium Rider?

  1. As an In-built Benefit

    Some insurers offer the waiver of premium as an in-built benefit in their base life insurance plan, which allows you to ensure that your coverage continues even when you are unable to pay the premiums.

  2. As an Add-on Rider Benefit

    You can add the optional life insurance waiver of premium rider in your base life insurance at nominal premiums to get comprehensive coverage for your family at a cost-effective premium. 

Wrapping it Up!

The life insurance waiver of premium rider benefits serves as a crucial safeguard for policyholders, providing financial security during times of unexpected emergencies. By waiving future premium payments in the event of disability or illness, this benefit ensures that life insurance coverage continues, offering peace of mind and protection for policyholders and their loved ones.


  • Q: When does the waiver of premium rider work?

    Ans: The rider is available in the following scenarios:-
    When the life assured has been permanently disabled for at least 6 months.
    When life assured is diagnosed with any of the critical ailments such as cancer, heart attacks, and vascular disease.
    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
  • Q: Who is eligible to avail of the waiver of premium benefit rider?

    Ans: Anyone in the age group of 18-65 years is eligible to avail the benefits of the life insurance waiver of premium rider.
  • Q: Is there any waiting period on a waiver of premium rider?

    Ans: Yes, there is a 90 day waiting period on a waiver of premium rider. It means the insurer will waive off future premiums only if the life assured contracts a critical ailment or suffers from disability after 90 days of the commencement of the policy or renewal of the policy.
  • Q: When can the waiver of premium benefit be added/removed?

    Ans: The life insurance waiver of premium rider can be added only at the inception of the policy. Once added, the insurer doesn’t allow its removal.
  • Q: What is the cost of the waiver of premium benefit?

    Ans: Besides age and gender, the amount of rider premium to be paid depends on the premium of the base life insurance policy.
  • Q: What documents are required for the rider claim settlement?

    Ans: For the successful execution of a claim, the following documents need to be submitted.
    Documents Required Critical Ailments Disability
    Mandatory Documents
    Duly-filled claim form Yes Yes
    Copy of Original policy documents Yes Yes
    Policyholder's current address and ID proof Yes Yes
    Supporting Documents
    Policyholder's copy of bank passbook Yes Yes
    Medical statement stating health issue Yes Yes
    Disability certificate from the relevant government body - Yes
  • Q: How long will the waiver of premium benefit continue to provide coverage?

    Ans: The life insurance waiver of premium rider is terminated if:
    • The base policy, to which the rider is attached, terminates
    • The rider benefits are claimed during the policy term
    • The policyholder attains the age the rider was supposed to provide cover till
  • Q: Are there any tax benefits offered under the life insurance waiver of premium rider?

    Ans: As per the Income Tax Act 1961, you will be eligible to claim tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.
  • Q: What are the exclusions under the life insurance waiver of premium benefit?

    Ans: The life assured will not get any benefits if a critical illness or disability is due to any of the following reasons:-
    • HIV
    • Any disease occurring during the waiting period
    • Any congenital infection
    • War, invasion, hostilities, riot or commotion, strikes
    • Participation of the life assured in a criminal act
    • Nuclear contamination
    • Participation in hazardous pursuits, including but not limited to, martial arts, diving, hunting and bungee-jumping.

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