A sudden total and permanent disability suffered by the earning member of the family can put extreme financial strain on that family. Paying insurance premiums becomes the last priority in such situations, which often results in the policy coverage being cancelled. Tata AIA Life Insurance Waiver of Premium Plus Rider ensures that insurance coverage continues even when premiums cannot be paid any longer.
This rider can be attached to a base policy at the time of policy inception, provided all eligibility criteria are met. The life insured under the this rider and life insured under the base policy can be different people in situations where the base policy life insured is a child, or another adult who is also covered by the base policy.
|Minimum entry age||18 years or the minimum under base policy, whichever higher.|
|Maximum entry age||60 years or maximum under base policy, whichever lower.|
|Maximum maturity age||65 years.|
As this is a premium waiver rider only, there is specified amount of Sum Assured associated with this. The parameters determining premium also mostly depend on the base policy along with which this rider is purchased.
|Sum Assured||Total future Sum Assured premiums of the Base Policy waived, subject to approved policy underwriting.|
|Minimum Rider Term||5 years.|
|Maximum Rider Term||Equivalent to the PPT of the Base Policy.|
|Rider Premium Payment Term (PPT)||Equivalent to the PPT of the Base Policy.|
|Premium Modes||Same as the Base Policy.|
*Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
All policyholders opting for Tata AIA Life Insurance Waiver of Premium Plus Rider would have their future Base Policy premiums waived for the remainder of the policy premium payment term, in case the policyholder suffers from total and permanent disability or dies due to an accident or illness.
Total Permanent Disability is defined under this policy as one of the following:
Tata AIA Life Insurance Waiver of Premium Plus Rider will not cover any disability caused partly or wholly, directly or indirectly, by any of the below mentioned occurrences:
For Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider, you can get tax deductions on premiums paid under Section 80C of the Income Tax Act, 1961.
There are several other benefits of purchasing insurance plans and riders from Tata AIA Life India Life Insurance Company Limited such as:
Why should you buy the Waiver of Premium Plus Rider from Tata AIA Life India Life Insurance Company Limited?
TATA AIA Life Insurance is known for delivering high quality insurance products that have been designed keeping in mind the various financial needs of the people in India. The group has earned a reputation of being one of the best in the Indian insurance market. Tata AIA have also bagged several awards for being dedicated to the service of their customers. Employing the best in technology and customer care services, Tata AIA Life works to ensure that all their customers have the best experience and can avail plans in an easy manner.
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