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.
Eligibility - Who is the Tata AIA Life Insurance Waiver of Premium Plus Rider for?
|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
Sum Assured and Premium Range - What you get and what it costs?
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.
||Total future Sum Assured premiums of the Base Policy waived, subject to approved policy underwriting.
|Minimum Rider Term
|Maximum Rider Term
||Equivalent to the PPT of the Base Policy.
|Rider Premium Payment Term (PPT)
||Equivalent to the PPT of the Base Policy.
||Same as the Base Policy.
*Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
Plan coverage - What the Tata AIA Life Insurance Waiver of Premium Plus Rider covers?
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:
- Unable to work and earn their living in any capacity. The disability is considered permanent if the situation continues for a minimum of 12 months.
- Complete loss of sight in both eyes, or loss of any two limbs, or loss of one limb and sight in one eye.
- Loss of independent living resulting in the ability to perform any 3 of the following 3 tasks: bathing, dressing, getting in/out of bed, feeding oneself, observing personal hygiene, moving between rooms on a level surface.
Exclusions - What Tata AIA Life Insurance Waiver of Premium Plus Rider doesn’t cover?
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:
- Self-inflicted injury or attempted suicide, whether the Life Insured is deemed medically insane or sane.
- Complications arising due to infection of Human Immunodeficiency Virus (HIV) or onset of Acquired ImmunoDeficiency Syndrome (AIDS).
- Failing to seek timely and proper medical advice/treatment by a certified medical practitioner.
- Involvement/victim of war, invasion, terrorism, civil war, hostilities, martial law, revolution, insurrection, military coup, riot, or civil unrest.
- Complicit in a criminal offence, illegal activity or breach of law with criminal intent.
- Engaging/participating in professional or hazardous sport/activities including diving, riding, racing, martial arts, mountaineering, hunting, bungee jumping, parachuting.
- Alcohol or substance abuse, including prescription drugs or narcotics taken without regard for directions/dosage prescribed by doctor.
- Participating in any flying activity, other than as a fare-paying passenger of a passenger airline flying on charted routes as per scheduled timings.
- Nuclear contamination.
Other key features - Freelook Period, Claim, Revival, etc.
- Free-look period: Policyholder gets 15 days from the day of receiving rider document, to review terms and conditions of the rider. If the policyholder disagrees with any of the terms, they can choose to return the rider. Tata AIA will refund the rider premium paid minus the premium for risk cover for those 15 days and other charges.
- 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: Tata AIA Life Insurance Waiver of Premium Plus Rider can be revived only in accordance with the revival rules of the base policy.
- Termination: The rider shall terminate automatically if any of the following events occur:
- Acceptance of termination request with freelook period.
- Rider term expiration.
- Termination of Base Policy.
- Surrender of Base Policy or if it lapses.
- If Base Policy is not revived within the stipulated revival period of that policy.
- In event of death of Base Policy Life Insured.
- Addition/Deletion of Rider: This rider can be selected only at policy inception and cannot be deleted mid policy term.
Tax Benefits - How you can save with the Tata AIA Life Insurance Waiver of Premium Plus Rider?
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.
Other benefits - How you can save with the Tata AIA Life Insurance Waiver of Premium Plus 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: Policyholders can calculate premium using the online premium calculator available at the company website.
- Insurance advisor: Insurance applicants can fill up and submit an online request form to get in touch with an insurance advisor. They can guide insurance seekers through all insurance related processes.
- Grievance redressal: The company has a dedicated grievance redressal cell to resolve your grievances at the earliest. Grievances are acknowledged within 10 business days.
- Premium payment: All premium payments can be made via cheques or cash deposits at any of the Tata AIA Life Insurance’s branch. Premium cheques should be drawn in favour of Tata AIA Life India Life Insurance Company Ltd.
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.