Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider is an optional accidental death benefit rider offered by Tata AIA Life India Life Insurance Company Limited to give its policyholders an added level of protection. Tata AIA Life ADB Rider is a linked accidental death benefit rider for people who require enhanced protection at an additional premium. This rider make sure that the insured person is not burdened if they are unable to pay the premiums in the event of any unfortunate accident. Under this ADB Rider, you can get the following benefits:
Accidental Death Benefit Sum Assured is payable to the beneficiary in the unfortunate event of the demise of the life insured. The death must be a result of injuries sustained in an accident. Death must occur within 180 days of occurrence of accident.
- Tax benefits as per the Income Tax Act, 1961.
Eligibility - Who is the Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider for?
Listed below are the eligibility factors you must meet to purchase Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider:
|Minimum entry age
|Maximum entry age
||60 years or maximum entry age of base policy, whichever is lower
|Maximum maturity age
||Till the end of the premium paying period or 65 years, whichever is lower.
Sum Assured and Premium Range - What you get and what it costs?
The Policy Term and Sum Assured for Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider are as follows:
|Minimum Rider Term
|Maximum Rider Term
||As per the base policy, subject to a maximum maturity age of 65 years
|Minimum and Maximum Sum Assured
||The sum assured is the sum of all future premiums of the basic plan to be waived.
Plan coverage - What the Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider covers?
This is an linked unit rider where the coverage term is equal to the base plan's premium paying term. During the term of the policy, if the policyholder is unable to pay the pay the premiums due to total or permanent disability due to an illness or accident or in the event of death of the policyholder, then the insurer will waive all the future premiums. Please note that under this plan, the life insured and the proposer are two different individuals. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider can be added to any individuals plans offered by Tata AIA.
Exclusions - What the Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider doesn’t cover?
Under Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider, the company will not be liable to pay any benefit in the case of the total permanent disability or death of the life insured caused either directly or indirectly by any of the following:
- Attempted suicide.
- Self-inflicted injuries under the influence of narcotics substances, drugs or liquor.
- HIV and AIDs infection.
- If the policyholder has failed to seek medical advice or treatment.
- Participation in aerial flights such as parachuting and skydiving other than as a fare paying passenger on a licensed passenger-carrying commercial aircraft.
- Committing any crime or unlawful activities.
- Injuries caused by taking part in a professional sport.
- Illness caused due to substance abuse.
- Nuclear contamination or exposure to hazardous substances.
- Participating in extreme sports such as martial arts, mountaineering, etc.
- War, civil commotion, terrorism, riot, civil commotion, invasion, unrest, etc.
Other key features – Freelook Period, Surrender Values, Grace Period etc.
Listed below are the key features of Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider:
- Free-look period: From the date of receipt of the rider policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. You will be refunded the premium paid minus risk premium cover for that period and other charges, if any.
- Claim: The company has to be informed of the claim in writing within 90 days of the event occurrence. All required documents such as the last medical attendant’s report, the original policy and rider documents, all medical and hospital records, a copy of the death certificate, claimant’s ID proof, a copy of FIR, post mortem report, and a copy of the life insured’s driving licence.
- Revival: The rider can be revived only as per the base policy revival rules.
Tax Benefits – How you can save with the Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider?
Under Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider, you can get tax deductions on premiums paid under Section 80C of the Income Tax Act, 1961.
Other benefits – How you can save with the Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider?
There are several other benefits of purchasing insurance plans and riders from Tata AIA Life India Life Insurance Company Limited such as:
- Premium calculator: You can calculate premium using the online premium calculator which is available on the company website.
- Insurance advisor: You can fill up and submit an online request form to get in touch with an insurance advisor who can guide you through all insurance related processes.
- Grievance redressal: The company has a dedicated grievance redressal cell to resolve your grievances at the earliest. Visit the nearest Tata AIA Life India Life Insurance branch, call the company toll-free number at 1-860-266-9966 or send an sms writing SERVICE to 58888. Grievances will be acknowledged within 10 business days.
- Premium payment: You can make premium payments via cheques or cash deposits at any of the company branch. Premium cheques should be drawn in favour of Tata AIA Life India Life Insurance Company Ltd.
The other benefits of Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider are listed below:
- The plans provide insurance coverage that offers flexibility as well as a choice of payment options, making it affordable for policyholders to make their premium payments on time.
- The savings plans provide risk cover that is comprehensive, giving policyholders complete protection at a nominal cost.
- The plans offer the policyholder financial security, ensuring his/her dependents will be taken care of in the event of the policyholder’s untimely demise.
- Policyholders can avail tax benefits based on existing tax laws and provisions.
- Guaranteed maturity benefit starting from 12% of basic sum assured.
Why should you buy Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider from Tata AIA Life India Life Insurance Company Limited?
Tata AIA Life Insurance Company Limited is one of the leading insurance companies in India. From protection plans and wealth solutions to child insurance plans and retirement solutions, they offer it all. All their term insurance plans are affordable and are designed to meet a policyholder’s requirements. As it is one of the reputable insurance brands in India, they offer flexible insurance options from time to time. They offer group insurance as well as personal insurance plans that are designed to cater to the specific needs of its customers from different backgrounds. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider offers an added level of financial protection to the life family in the case of any unfortunate event such as accidental death.