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Term Insurance - Waiver Of Premium Rider

Nowadays, term insurance is a necessity that offers protection to your family in case of an unforeseen event. As we all know, uncertainties can come to your life anytime anywhere, leaving you worried about your loved ones. If you are diagnosed with some critical illness or are suffering from total and permanent disability caused because of an accident or death, the waiver of premium riders acts as a savior for you.

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Let us understand the waiver of premium in detail and understand the rider in detail.

Term Insurance With Riders 

A waiver of premium rider is a life insurance rider where the future due premium payments are waived off by the insurance company under certain conditions. This rider can be availed in case of total and permanent disability, accident, or death of an individual who is paying the premiums (policyholder). It is beneficial when the life assured is not able to pay premiums because of the revenue loss. 

Simply put, a waiver of premium is an insurance plan benefit that waives premium payments of insurance if the policyholder becomes physically impaired or critically ill. 

This benefit can be attached to a policy or taken as an in-built feature or sometimes, insurers provide an option to add a waiver of premium rider to your respective policy. So, this benefit surrenders all the future premiums in case of disability or death. So, this rider lessens the financial stress to pay all the future due premiums in case of the unforeseen demise of the sole earner of the family.

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How Can I Buy Waiver of Premium Rider? 

You can add the waiver of premium rider to the base term insurance in any of the following ways depending on the policy’s T&Cs.

  • As an in-build benefit: Some term insurance plans offer the waiver of premium rider as an in-built benefit that is included in the base plan free of cost.

  • As an optional rider: Most term insurance plans provide the option of adding waiver of premium rider as an optional rider to the base plan that you can add as per your suitability. This rider can be added by paying nominal premiums along with the base premium of the plan.

Key Features of Waiver of Premium Rider

Here is a list of key features of the waiver of premium rider that you can add to term insurance to enhance its coverage.

  • Most term insurance plans offer waiver of premium benefits on the occurrence of a disability that renders the policyholder jobless or unable to work

  • The benefit provides coverage even after you stop paying premiums

  • The availability of waiver of premium rider depends on the terms and conditions of each specific plan and insurers

  • Some term insurance plans provide the rider benefits for a limited term like till 60 or 65 years of age

  • Various term plans also have a waiting period during which the rider will not cover the policyholder

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How Waiver Of Premium Benefit Works?

Let us understand this with an example:

If a person purchased a 1 crore term insurance plan for a base sum assured of 1 Crore. He/she added the critical illness and waiver of premium rider to the base plan and paid the additional premiums for both riders with the base premium of the plan. Now during the policy term, suppose the policyholder is diagnosed with a critical illness listed under the plan and renders the policyholder unable to continue his/her job. The insurer will payout the critical illness rider benefit amount which the policyholder can use to pay for the treatment costs and the insurance company will waive off all the remaining premiums due to the waiver of premium rider. This way the policy will continue its coverage even if the policyholder is unable to pay the premiums due to the job loss

Benefits Of Waiver of Premium Rider

Here is a list of all the benefits of adding the waiver of premium rider in the base term plan.

  • Financial Coverage: In case the policyholder losses their job due to a critical illness or disability, the waiver of premium rider will reduce the burden of having to pay all the remaining premiums while you are struggling to pay for the treatment costs and maintain monthly expenses.

  • Low Premiums: The premium rates for waiver of premium rider are really affordable and you can buy term plan by paying the additional premium for this rider along with the base plan.

  • Prevents Policy Lapse: In case you are unable to pay the premiums due to a job loss, you might accidentally miss premium payments due to insufficient funds or due to other reasons. The miss in premium payment can result in policy lapse which will ultimately leave your family unprotected in case of an eventualtiy. A waiver of premium rider will ensure your policy stays in force even when you are incapable of paying the premiums.

  • Peace of Mind: This term insurance rider allows the policyholder to live a stress-free, peaceful life knowing they will be covered under the policy’s benefits and their family will be protected even if they are unable to pay the premiums.

  • Tax Benefits: The waiver of premium rider provides tax benefits as per the prevailing tax laws under the IT Act. You can claim term insurance tax benefits under sections 80C, 80D, and 10(10D) to save more.

How to Buy Term Insurance with Waiver of Premium Rider?

You can buy the best term insurance plan online in just a few steps:

  • Step 1: Go to the term insurance form

  • Step 2: Enter your name, date of birth, contact information, and gender

  • Step 3: Submit your smoking details, occupation type, yearly income, and educational background

  • Step 4: Select the most suitable plan with waiver of premium rider and proceed to pay

Documents Required For The Waiver of Premium Claim Settlement

For a smooth claim settlement process of the waiver of premium rider, you need to submit the following documents to the insurer.

For Critical Illnesses and Accidental Total or Permanent Disability

  • For Critical illnesses and Disability 

  • Filled claim application form 

  • All the policy documents (original)

  • Residential address of policyholder 

  • Photo ID proofs

  • Copy of bank passbook

  • Certificate of disability from an authorized government hospital 

  • Medical statement of a doctor stating the health condition 

Exclusions Of The Waiver of Premium Rider 

  • Alcohol or drug abuse

  • Suicide (covered after the first policy year)

  • Pre-existing medical conditions

  • HIV/AIDS

  • Any kind of congenital infection or disease

  • Nuclear attack or contamination 

  • Participation of assured in any criminal activity

  • Injury due to adventurous sports or hazardous activities.

Wrapping It Up! 

Life is unpredictable and any uncertainty can occur anywhere anytime. It is better to be prepared for any unforeseen event. Riders are additional benefits that enhance the policy coverage by paying minimal premiums. The premium of waiver benefit is a term insurance rider in which all the future premiums are waived off in case of critical illness or disability of the policyholder. This rider reduces the financial burden on the family in their tough times and provides protection for the entire policy term.

FAQ's

  • What is waiver of premium cover in term insurance?

    Ans. In term insurance, a waiver of premium covers the policyholder for the remaining policy term, even if the policyholder is unable to pay the policy premiums.
  • What is an example of a waiver of premium?

    Ans. An example of waiver of premium is that, suppose a person is disabled due to a fatal accident and loses his/her job. The insurer in this case will waive off all the remaining premiums of the policy.
  • What is the reason for waiver of premium?

    Ans. The waiver of premium rider enhances the policyholder’s coverage in case of an eventualtiy by covering all the future premiums in case of a job loss.
  • What is the age limit for waiver of premium?

    Ans. The age limit for waiver of premium might differ from insurer to insurer, but usually anyone over the age of 18 and under 65 years of age is eligible to add this rider in their base term insurance plan.

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