Prices Increasing Soon
A waiver of premium is an optional additional benefit to a life insurance plan that will pay or waive your life insurance premiums if you are unable to work or become critically ill, disabled or injured. This ensures that your insurance plan stays active even if you can no longer afford to pay premiums.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
A Waiver of premium refers to the add-on benefit that allows policyholders to rest assured that the policy will continue to pay the premiums on their behalf in case they are unable to due to an eventuality. The eventualities covered under this term insurance rider can be different for different plans, and thus, it is recommended that you take a thorough look at the policy documents for a better understanding.
Term Plans
Let us understand the life insurance waiver of premium rider benefits with an example:
Samara is a 35-year-old professional who has a life insurance policy with a waiver of premium benefits. Unfortunately, Samara is diagnosed with a severe illness that leaves her unable to work and pay her insurance premiums.
However, because Samara’s policy includes a waiver of premium benefit, once she meets the policy's criteria, such as being diagnosed with a critical illness for a specified period, the insurance company waives her future premium payments. This means Samara can focus on her recovery without worrying about keeping up with premium payments while still maintaining her valuable life insurance coverage for her family's financial protection.
Continued Cover Even after the Policyholder’s Death: With the waiver of premium benefit in child life insurance, you can rest assured that your child will be protected and covered under the policy even after the policyholder’s death (the parents).
Continued Cover even when you are unable to pay premiums: In life insurance plans where the waiver of premium is added as an add-on benefit, the insurer will waive off all the remaining premiums in case the policyholder is unable to pay them due to a job loss caused by disability or critical illness.
Prevention of Policy Lapsation: The waiver of premium riders also ensures that the end of coverage due to non-payment of premiums is avoided and that you are still covered under the policy benefits.
Tax Benefits: You can claim life insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 10%#
Compare 40+ plans from 15 Insurers
The cost of a Waiver of Premium Rider can vary depending on several factors:
The insurer: Different insurance companies have their own pricing models based on their underwriting standards and risk assessments.
The policyholder: Factors such as age, health, lifestyle, occupation, and smoking status can impact both the cost of the life insurance premium and the associated Waiver of Premium Rider.
The policy: Variables like the policy term and coverage amount of the life or term insurance policy will affect the cost of the rider. Typically, longer terms and higher coverage amounts result in higher costs for the rider.
Some insurers offer the waiver of premium as an in-built benefit in their base life insurance plan, which allows you to ensure that your coverage continues even when you are unable to pay the premiums.
You can add the optional life insurance waiver of premium rider in your base life insurance at nominal premiums to get comprehensive coverage for your family at a cost-effective premium.
The life insurance waiver of premium rider benefits serves as a crucial safeguard for policyholders, providing financial security during times of unexpected emergencies. By waiving future premium payments in the event of disability or illness, this benefit ensures that life insurance coverage continues, offering peace of mind and protection for policyholders and their loved ones.
| Documents Required | Critical Ailments | Disability |
| Mandatory Documents | ||
| Duly-filled claim form | Yes | Yes |
| Copy of Original policy documents | Yes | Yes |
| Policyholder's current address and ID proof | Yes | Yes |
| Supporting Documents | ||
| Policyholder's copy of bank passbook | Yes | Yes |
| Medical statement stating health issue | Yes | Yes |
| Disability certificate from the relevant government body | - | Yes |
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Life insurance fraud is a financial crime that can be committed
Read more
High net worth individuals often opt for life insurance plans to
Read more
“Policy Bazaar insurance clarified the term policy for me, so
Read more
“I recently bought an HDFC term plan and it is the best
Read more
The life insurance policy in India is a type of life insurance
Read moreInsurance
Calculators
Payment Methods
Secured With
Follow us on
