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  • Tata Aia Waiver Of Premium Linked Rider

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Tata AIA Life Insurance Waiver of Premium (Linked) Rider is an optional rider than policyholders can purchase along with their base policy. This linked rider ensures that the policy benefits and life cover of the base policy do not get disrupted, even if the policyholder is not able to pay his/her due premiums due to an illness/accident that causes permanent and total disability.

    This rider can only be purchased along with individual, linked policies offered by Tata AIA Life Insurance Company. The insurer will cancel units from the unit fund of your main policy as the rider charge. By purchasing this rider, you will be eligible for tax benefits, under the prevailing laws of the Income Tax Act, 1961.

    Eligibility - Who is the Tata AIA Life Insurance Waiver of Premium (Linked) Rider for?

    In order to purchase this policy, you will have to meet certain requirements that are set by the insurer, such as:

    Parameters Criteria for eligibility
    Minimum age at entry Minimum age at entry will be the higher of:
    • 18 years of age, or
    • Age of entry for the base/main policy
    Maximum age at entry Maximum age at entry will be lower of:
    • 60  years of age, or
    • Maximum age under the main policy
    Maximum age at maturity Maximum age at maturity will be lower of:
    • 65 years of age, or
    • Age at the completion of the Premium Paying Term of the base policy

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

    Sum Assured

    When you purchase the Waiver of Premium (Linked) Rider, the minimum/maximum sum assured will be the total value of all your future premium payments towards the base policy which you do not pay. Therefore, with this rider, all your future premiums will be waived off.

    Premiums

    You will not have to pay additional premiums for the Tata AIA Life Insurance Waiver of Premium (Linked) Rider. The units from your base policy fund will be cancelled by the insurer as the rider charge.

    Minimum Rider Term 5 years
    Maximum Rider Term Maximum rider term will be either one of the two listed below, based on which occurs first:
    • Policyholder attaining 65 years of age, or
    • The completion of the Premium Payment Term (PPT) for the main policy
    Term for Rider Charge Deduction Same as the life assured’s Maximum Rider Term.

    Plan Coverage - What does the Tata AIA Life Insurance Waiver of Premium (Linked) Rider cover?

    The Waiver of Premium (Linked) Rider is a unit deducting rider. The coverage for this rider is equal to the Premium Payment Term that you opted for, while purchasing the base policy. The insurer will cancel the units from your unit fund as the charge for this rider. The key benefit of this rider is that, should you happen to meet with an accident or a severe illness and are unable to pay your base policy premiums, Tata AIA Life will waive of all the remaining base policy premiums and stop charging you for this rider until the end of the premium paying term of the main plan or till you turn 65. However, no maturity or surrender benefit is payable, under this policy.

    Exclusions - What the Tata AIA Life Insurance Waiver of Premium (Linked) Rider doesn’t cover

    If the life assured suffers from Total Permanent Disability due to any of the occurrences/incidents listed below, the insurer will not waive off any future premium payments of the policyholder. The exclusion criteria for the Waiver of Premium (Linked) Rider are:

    • Attempted suicide
    • Bodily injuries that were self-inflicted
    • HIV/AIDS
    • Total Permanent Disability (TPD) caused because the life assured did not seek timely treatment
    • TPD caused due to war, rebellion, terrorism, riots, invasion, martial law, insurrection, civil commotion, revolutions, acts of foreign enemies, military power, and hostilities.
    • Committing a criminal or illegal activity or breaking the law with criminal intent.
    • Injuries caused by taking part in professional sports, such as diving, martial arts, hunting, etc.
    • Consumption of alcohol or other drugs, unless prescribed by a medical practitioner.
    • Disability caused due to one participating in a flying activity. The exclusion to this rule is if you fly as a regular passenger in an airline after paying a fare.
    • Disability occurring due to nuclear explosions or contaminations.
    • Ailments or conditions which were diagnosed/treated 48 months before purchasing this rider.

    Other Key Features – Free-look Period, Surrender Value, Grace Period, etc.

    Criteria for Total Permanent Disability (TPD) The life assured will be considered to be permanently disabled if he/she meets any one of the criteria listed below: Criteria 1: Life assured is unable to continue his/her employment, or the disability has lasted a minimum of 12 months continuously. Criteria 2: Life assured has lost the use of two limbs, both eyes, or one limb and sight in one eye. Criteria 3: Life assured can’t live independently anymore, and can’t perform at least 3 of the following tasks – dressing, feeding oneself, bathing, maintaining hygiene, getting in and out of bed, and getting to different rooms.
    Grace period There is no grace period applicable for this rider.
    Termination of Policy This rider will be terminated if:
    • Rider term has expired
    • Base policy has expired/terminated
    • Base policy was surrendered
    • Base policy was not revived
    • The life assured meets with death
    Lapse of Rider If you miss out on paying the due premiums of your basic policy, this rider will lapse.
    Addition/Deletion of Riders This rider should be purchased along with your base policy. However, you can delete the rider any time.
    Free-look period The free-look period of your base policy will apply to this rider, too.
    Policy Revival/Reinstatement As per policy terms in your base policy.
    Loans The life assured can’t take a loan against this policy.
    Surrender Benefit There is no Surrender Value for this rider.
    Nomination Nomination is allowed under Section 39 of the Insurance Act, 1938.
    Assignment Assignment facility is provided, as per Section 38 of the Insurance Act, 1938.
    Suicide If the life assured commits suicide within 12 months of the purchase/reinstatement of this rider, Tata AIA will not be liable to pay any benefit.

    Tax Benefits

    All premiums paid by you towards this rider are eligible for tax benefits, as per the prevailing laws of Section 80D of the Income Tax Act, 1961.

    Other Benefits – How you can save with the Tata AIA Life Insurance Waiver of Premium (Linked) Rider

    Apart from the many benefits of purchasing this rider, the advantages of being a member of Tata AIA Life Insurance Company are:

    • Online Claims Intimation and Tracking: You can directly intimate the insurer of your upcoming claim on the insurer’s website by providing a few details about yourself. You can also track the status of the claim on the insurer’s website.
    • Online Premium Payment: Policyholders can pay their premiums online, without having to visit the insurer’s branch, through PayTM, Jio Money, NEFT, etc.
    • Meet an Advisor: There is a sea of insurance products out there, and it can be confusing for prospective policy buyers to pick the right insurance policy. Hence, you can always arrange to meet with an Insurance Advisor, through the insurer’s website, in order to find the best policy for your needs.
    • View Performance of Funds: On the Tata AIA company website, you can track the performance of various funds.
    • Choice of Insurance Plans: Tata AIA Life Insurance Company provides policy buyers a range of insurance policies that can serve their needs during the different stages of their lives.

    Why you should buy the Waiver of Premium (Linked) Rider from Tata AIA Life Insurance Company

    A life insurance policy can help you secure the life of your dependants, should something happen to you in the future. However, if the life assured himself/herself were to suffer from an illness/accident and is unable to pay their due premiums towards their basic life insurance policy, then what would happen? With the Tata AIA Life Insurance Waiver of Premium (Linked) Rider, you can ensure that even if something unfortunate happens to you, your life insurance benefits and basic policy cover will continue to stay active.

    Tata AIA Life Insurance Company is a joint venture between Tata Sons Ltd. and AIA Group Ltd. The insurer has an extensive reach in the Asia-Pacific region, with a presence in 18 markets. The insurer’s Claim Settlement Ratio for the financial year 2015-2016 is 96.8%. The company has various Customer Service channels which allows customers to reach them, as per their convenience. The insurer was also awarded in Golden Peacock Award in the year 2016 for Risk Management.