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Bharti AXA Life Premium Waiver Rider Plan

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.

The rider comes with two options:

  • Option 1: Waiver of Premium on Death or Total and Permanent Disability

    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.

  • Option 2: Waiver of Premium on Critical Illness

    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.

Eligibility - Who is the Bharati Axa Life Premium Waiver Rider for?

The following criteria need to be met to avail of the benefits of Bharati Axa Life Premium Waiver Rider:

Parameter Details
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:
  • The benefit of the Policyholder if Policyholder and Life Insured are different.
  • For the benefit of Life Insured if Policyholder and Life Insured are the same.

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured: There’s no Sum Assured associated with this plan as this rider provides premium waiver benefit only.

Rider Premium

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.

Plan Coverage - What the Bharati Axa Life Premium Waiver Rider covers?

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.

  • First Incidence of Heart Attack of a Specific Severity.
  • CABG - Open Chest.
  • Kidney Failure Needing Regular Dialysis.
  • Bone Marrow/Major Organ Transplant (Heart/Lung/Liver/Kidney).
  • Open Heart Surgery for Repair or Replacement Of Valves.
  • Permanent Symptoms as a result of Stroke.
  • Coma of a Specific Severity.
  • Persisting Symptoms as a result of Multiple Sclerosis.
  • Cancer of a Specific Severity.
  • Permanent Limb Paralysis.
  • 11. Brain Tumour Categorized as Benign.

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:

  • Those below 60 years in age that meet one of the following definitions below.
  • Those aged 60 or above, up to 70 years, matching the second and third definitions.

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:

  • Both eyes.
  • Any two limbs.
  • One limb and one eye.

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:

  • Bathing.
  • Dressing.
  • Getting in or getting out of bed.
  • Maintenance of personal hygiene.
  • Feeding oneself.
  • Moving between rooms and floors.

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.

Exclusions - What the Bharati Axa Life Premium Waiver Rider doesn’t cover?

Bharati Axa Life Premium Waiver Rider does not cover the following under its ambit:

  • Any disability arising while committing a criminal offence or any law-breaching activity or any activity with criminal intent.
  • Any disability occurring as a result of civil war, riot, war, rebellion, invasion, etc.
  • Any disability arising as a result of the policyholder being under the influence of alcohol/drug or any other substance that has not been prescribed by or taken according to the prescribed dosage of a registered doctor.
  • Any disability due to the policyholder taking part in operations conducted by the military, naval or air force.
  • Any disability arising due to participating/training for any hazardous sport/competition or taking part in any type of competition or race.
  • Any disability as the result of any aerial flight activities like gliding, parachute jumps, etc. other than as a passenger who has bought a ticket on a passenger airline plying on regular courses according to planned schedules.
  • Any disability arising due to an attempt at self-injury, regardless of whether the actions are deemed insane or sane.

Other Key Features of Bharati Axa Life Premium Waiver Rider:

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:
  • If the policyholder terminates it.
  • If the base plan fund value is too low to deduct charges for the rider.
  • If the the base plan itself is discontinued.
  • If the policy attains anniversary at which the policyholder is 70 years in age.
  • If the base plan attains maturity.
  • If the benefits under the rider has already been claimed and received.

Tax Benefits – How you can save with the Bharati Axa Life Premium Waiver Rider?

  • Policyholder may get tax benefits if they choose option 1 this Rider under Section 80C of Income Tax Act, 1961.
  • Policyholder may also get tax benefits under Section 80D of Income Tax Act, 1961, if they opt for option 2 of Bharati Axa Life Premium Waiver Rider.

Other Benefits – How you can save with the Bharati Axa Life Premium Waiver Rider?

  • Bharti AXA Life offers policyholders a wide range of amenities and benefits, such as their online portal through which policyholders can login and check the status of their policies and also renew policies online.
  • Policyholders may also pay their premiums online, instead of by cheque or physically visiting a company branch, making it more convenient and safe. The various ways policyholders can choose to pay their premiums online are:
    • Net banking: Policyholders can choose to pay their premiums through their bank’s net banking facility.
    • Credit cards: Bharti AXA Life accepts credit card payments from all VISA, MasterCard, Maestro, Diners Club and American Express cards.
    • Debit cards: Policyholders can choose to pay their premiums through their RuPay, VISA, MasterCard and Maestro debit cards.
    • Bill Desk: Policyholders can make their premium payments through Bill Desk for certain banks, using their BillPay services.
  • In addition, policyholders can call up the customer helpline for any assistance relating to a life insurance policy. Policyholders can also request a call back from the company for any insurance related query.
  • Bharti AXA Life also provides policyholders with a dedicated claims processing team and a 48-hour fund release in case of straightforward claims.

Why you should buy the Bharati Axa Life Premium Waiver Rider?

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.

  • With full-coverage plans and additional benefits, the company strives to provide a superior experience to its customers through tailor-made solutions catering to the diverse India market.
  • Bharti AXA Life provides a broad category of insurance plans, from ULIP plans, savings plans and child plans to investment and health plans.
  • With the aim of providing affordable care to rural sector, the company has launched a range of insurance products targeted at rural India.
  • Bharti AXA Life has branches across the country, in addition to their online plans and services, thus making it convenient for individuals and organisations to access information and buy a policy.
  • The company has also moved many of its processes online, making it more convenient for policyholders to look up information and renew or pay their premiums.
  • Bharti AXA Life also has a consistent record when it comes to claims settlement ratio, with an 80.02% claim settlement ratio for the year 2015-2016.