Bharati Axa Life Premium Waiver Rider is a special a regular-pay, non-linked rider option associated with some base Policies offered by Bharati Axa. It waives the remainder of the insured’s premiums in case of some special circumstances, depending on the chosen option.
This option provides waiver benefit to policyholders for all due future premiums yet to be paid for the Base Policy on his/her death or on suffering permanent and total disability.
This option provides waiver benefit to policyholders for all due future premiums yet to be paid for the Base Policy on getting diagnosis confirmation of any of the 11 critical conditions/illnesses covered with this Rider.
The following criteria need to be met to avail of the benefits of Bharati Axa Life Premium Waiver Rider:
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Maximum Age at Maturity||70 years|
|Rider Term||The rider term is equal to the premium payment term base policy|
|Option 1||Can be selected for the benefit of the Policyholder if the Life Insured under the base policy is different from the Policyholder.|
|Option 2||Can be selected for:
Sum Assured: There’s no Sum Assured associated with this plan as this rider provides premium waiver benefit only.
Rider Premium charges depend on the base plan. The rider charges get deducted along with the base premium, whether it be monthly, annual, half-yearly or quarterly. Maximum premium under the rider is restricted to 30% of base plan premium amount.
|Premium Payment Term||The rider premium payment term is equal to the premium payment term of base policy|
|Payment Frequency||Same as the base policy.|
Nonforfeiture Benefits: Since this a premium waiver rider only, there is no paid-up or surrender value associated with this rider. The policyholder doesn’t receive any additional lump sum amount apart from what they get on surrendering the base plan.
Critical Illness Benefit: All Premiums due are waived in case the insured is diagnosed of one of the following critical diseases.
Disability Benefit: All Premiums due are waived in case the insured suffers permanent and total disability. Disability can be categorised and defined as one of the following:
Definition 1: Unable to work.
Inability to work due to loss of mental or physical ability caused by an injury or illness such that the Insured individual would never be able to perform his/her “substantial and material” duties related to their occupation in any manner.
Definition 2: Loss of limbs/sight.
To be considered a case of total permanent disability, an accident must have resulted in the loss of use of one of the following:
Definition 3: Loss of independent living.
Loss of ability to perform physical tasks (minimum 3 of 6 tasks listed) ever again because of an injury or illness. The tasks are:
In order to considered under Bharati Axa Life Premium Waiver Rider, the disability should have persisted for at least a period of 180 days continuously and must be be considered permanent as per the opinion of a specialist medical practitioner, appointed by Bharati Axa.
Also, a claim for Option1 of the rider or Total and Permanent Disability will be acceptable only if the disability has occurred 90 days after the rider commencement/revival date.
Bharati Axa Life Premium Waiver Rider does not cover the following under its ambit:
|Freelook Period||Policyholders get a free look period of 15 days or 30 days (if the policy is issued following IRDAI Guidelines on Distance Marketing of Insurance Products) from the day of receiving the Rider. If the Rider Life Assured is unhappy with the terms and conditions for whatever reason, they can send a written notice to Bharati Axa asking for a cancellation and stating the reasons for it. On returning the Rider Document, Bharati Axa will reverse the charges deducted for the rider to the account holding the fund units of the policyholder, after deducting an adequate charge for the period of cover already provided under this rider, expenses incurred for medical exams (if any), and charges for stamp duty.|
|Termination||The various conditions for rider termination are as follows:
The Bharti AXA Life Insurance Company Pvt Ltd is one of the leading life insurance companies in India. A joint venture between the India-based Bharti Group and the Paris-based AXA Insurance Company, the company blends local knowledge and decades of experience in the life insurance sector, ensuring that policyholders receive the best in service and performance.
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