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Nowadays, term insurance is a necessity that offers protection to your family in case of an unforeseen event. As we all know, uncertainties can come to your life anytime anywhere, leaving you worried about your loved ones. If you are diagnosed with some critical illness or are suffering from total and permanent disability caused because of an accident or death, the waiver of premium riders acts as a savior for you.
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Suppose Rakesh, a 30-year-old, who bought a term plan and added the waiver of premium rider. One day, he was unfortunately involved in a serious road accident that left him unable to work. Because of the waiver of premium rider, Rakesh does not have to make any more premium payments, even though his policy remains active. This benefit ensures his coverage continues, providing financial security for his family despite his inability to pay premiums, and demonstrates how a waiver of premium rider can remove financial stress during unforeseen events.
A waiver of premium rider is a life insurance rider where the future due premium payments are waived off by the insurance company under certain conditions. This rider can be availed in case of total and permanent disability, accident, or death of an individual who is paying the premiums (policyholder). It is beneficial when the life assured is not able to pay premiums because of the revenue loss.
Simply put, a waiver of premium is an insurance plan benefit that waives premium payments of insurance if the policyholder becomes physically impaired or critically ill.
This benefit can be attached to a policy or taken as an in-built feature or sometimes, insurers provide an option to add a waiver of premium rider to your respective policy. So, this benefit surrenders all the future premiums in case of disability or death. So, this rider lessens the financial stress to pay all the future due premiums in case of the unforeseen demise of the sole earner of the family.
Term Plans
You can add the waiver of premium rider to the base term insurance in any of the following ways depending on the policy’s T&Cs.
As an in-build benefit: Some term insurance plans offer the waiver of premium rider as an in-built benefit that is included in the base plan free of cost.
As an optional rider: Most term insurance plans provide the option of adding waiver of premium rider as an optional rider to the base plan that you can add as per your suitability. This rider can be added by paying nominal premiums along with the base premium of the plan.
Here is a list of key features of the waiver of premium rider that you can add to term insurance to enhance its coverage.
Most term insurance plans offer waiver of premium benefits on the occurrence of a disability that renders the policyholder jobless or unable to work
The benefit provides coverage even after you stop paying premiums
The availability of waiver of premium rider depends on the terms and conditions of each specific plan and insurers
Some term insurance plans provide the rider benefits for a limited term like till 60 or 65 years of age
Various term plans also have a waiting period during which the rider will not cover the policyholder
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Let us understand this with an example:
If a person purchased a 1 crore term insurance plan for a base sum assured of 1 Crore. He/she added the critical illness and waiver of premium rider to the base plan and paid the additional premiums for both riders with the base premium of the plan. Now during the policy term, suppose the policyholder is diagnosed with a critical illness listed under the plan and renders the policyholder unable to continue his/her job. The insurer will payout the critical illness rider benefit amount which the policyholder can use to pay for the treatment costs and the insurance company will waive off all the remaining premiums due to the waiver of premium rider. This way the policy will continue its coverage even if the policyholder is unable to pay the premiums due to the job loss
Here is a list of all the benefits of adding the waiver of premium rider in the base term plan.
Financial Coverage: In case the policyholder losses their job due to a critical illness or disability, the waiver of premium rider will reduce the burden of having to pay all the remaining premiums while you are struggling to pay for the treatment costs and maintain monthly expenses.
Low Premiums: The premium rates for waiver of premium rider are really affordable and you can buy term plan by paying the additional premium for this rider along with the base plan.
Prevents Policy Lapse: In case you are unable to pay the premiums due to a job loss, you might accidentally miss premium payments due to insufficient funds or due to other reasons. The miss in premium payment can result in policy lapse which will ultimately leave your family unprotected in case of an eventualtiy. A waiver of premium rider will ensure your policy stays in force even when you are incapable of paying the premiums.
Peace of Mind: This term insurance rider allows the policyholder to live a stress-free, peaceful life knowing they will be covered under the policy’s benefits and their family will be protected even if they are unable to pay the premiums.
Tax Benefits: The waiver of premium rider provides tax benefits as per the prevailing tax laws under the IT Act. You can claim term insurance tax benefits under sections 80C, 80D, and 10(10D) to save more.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
You can buy the term insurance plan online in just a few steps:
Step 1: Go to the term insurance form
Step 2: Enter your name, date of birth, contact information, and gender
Step 3: Submit your smoking details, occupation type, yearly income, and educational background
Step 4: Select the most suitable plan with waiver of premium rider and proceed to pay
Note: Know what is term insurance first and then buy a term plan for your loved ones.
For a smooth claim settlement process of the waiver of premium rider, you need to submit the following documents to the insurer.
For Critical Illnesses and Accidental Total or Permanent Disability
For Critical illnesses and Disability
Filled claim application form
All the policy documents (original)
Residential address of policyholder
Photo ID proofs
Copy of bank passbook
Certificate of disability from an authorized government hospital
Medical statement of a doctor stating the health condition
Alcohol or drug abuse
Suicide (covered after the first policy year)
Pre-existing medical conditions
HIV/AIDS
Any kind of congenital infection or disease
Nuclear attack or contamination
Participation of assured in any criminal activity
Injury due to adventurous sports or hazardous activities.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
Life is unpredictable and any uncertainty can occur anywhere anytime. It is better to be prepared for any unforeseen event. Riders are additional benefits that enhance the policy coverage by paying minimal premiums. The premium of waiver benefit is a term insurance rider in which all the future premiums are waived off in case of critical illness or disability of the policyholder. This rider reduces the financial burden on the family in their tough times and provides protection for the entire policy term.
†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
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