As a responsible adult, you go ahead and buy a life insurance policy that offers financial security to your family in your absence. You pay all the premiums on time to ensure that the policy fulfills its objective. But what happens when you are seriously injured or diagnosed with a critical ailment and cannot earn to provide a livelihood for the family? Exactly for such times, waiver of premium rider comes to your rescue.Read more
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The rider is available in the following scenarios:-
When life insured has been in a disabled state for a minimum 6 months.
When life insured is diagnosed with any of the critical ailments such as cancer, heart attacks and vascular disease.
Anyone in the age group of 18-65 years is eligible.
Yes, there is a waiting period of 90 days. It means the insurer will waive off future premiums only if the insured contracts a critical ailment or suffers from disability after 90 days of the commencement of the policy.
This rider can be added only at the inception of the policy. Once added, the insurer doesn’t allow its removal.
Besides age and gender, the amount of premium to be paid depends on the premium of the base life insurance policy. For instance, for a Rs 5-lakh coverage, a 30-year old would need to pay Rs 5,232 as premium under Max Life's Life Partner Policy. If he wants to get the waiver of premium added to the insurance policy, he would need to pay Rs 100 only.
For the successful execution of a claim, the following documents need to be submitted.
|Duly-filled claim form
|Copy of Original policy documents
|Policyholder's current address and ID proof
|Policyholder's copy of bank passbook
|Medical statement stating health issue
|Disability certificate from the relevant government body
The base policy, to which the rider is attached, terminates
All benefits are paid under the rider coverage
The policyholder attains the age of 65
As per the Income Tax Act 1961, you will be eligible to get the following tax benefits:-
Under Section 80C: premiums up to Rs 1 lakh are eligible for tax deduction
Under Section 10(10D): benefits received from the rider are tax-free
The life insured will not get any benefits if a critical illness or disability is due to any of the following reasons:-
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
Participation in hazardous pursuits, including but not limited to, martial arts, diving, hunting and bungee-jumping.
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