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A Quick Guide to Tata AIA Life Insurance Waiver of Premium Plus Rider

25-August-2021 |

There are no certainties in life and even the most well-thought-out plans do not always proceed as intended. One of the ways to financially safeguard your family against any eventualities is purchasing a life insurance policy. Having a suitable life insurance policy is a prudent financial choice. However, it is advisable to include the life insurance rider# of waiver of premium to your policy to ensure that it remains valid even if you fail to honour your premium payment obligations.

 

What is a waiver of premium rider#?

Since the validity of a life insurance policy is dependent on the regular payment of the premium by the policyholder, failure to do so can lead to the policy becoming lapsed. There can be several reasons why the policyholder may not be able to continue paying the premium for their life insurance policy, including a total or permanent disability or their death. In this context, a waiver of premium rider# functions as a lifeguard for the concerned policy and ensures its continuation despite the discontinuation of the stream of premium payments.

Therefore, adding the waiver of premium rider# to your life insurance policy ensures that even if you cannot pay the further instalments of the policy premium, the benefits of the policy shall stay intact. As is the case with a majority of the riders# in a life insurance policy, the waiver of premium rider# also carries a cost but is reasonable in comparison with the added layer of security it provides the policyholder. It is important to note that you can add a waiver of premium rider# to your policy if it is not already an in-built feature of said policy.

For instance, at Tata AIA Life Insurance, we offer waiver of premium rider#, namely the Tata AIA Life Insurance Waiver of Premium Plus Rider (UIN-110B029V02). While purchasing your Tata AIA Life Insurance Policy, you can add the Tata AIA Life Insurance Rider# to the plan and avail waiver of premium benefits if necessary.

These are some of the policies that the waiver of premium plus rider can be added to -:

 

  1. The Tata AIA Life Insurance Mahalife Gold Plan (UIN- 110N029V03)

  2. The Tata AIA Life Insurance Money Back Plus Plan (UIN-110N119V02)

  3. The Tata AIA Life Insurance Smart Income Plus Plan (UIN-110N126V04)

  4. The Tata AIA Life Insurance Gold Income Plan (UIN-110N131V02)

  5. The Tata AIA Life Insurance Diamond Savings Plan (UIN-110N133V02)

 
The salient features of the TATA AIA Life Insurance ‘Waiver of Premium Plus’ rider#

The Tata AIA Life Insurance Waiver of Premium Plus Rider(UIN-110B029V02) has been designed to offer policyholders the option of the waiver of the premium on their life insurance policy in some specific circumstances. Under this feature, the benefits of the insurance cover do not cease owing to the default in the payment of premium by the policyholder caused by their passing or the development of a total or permanent disability. Therefore, this rider# prevents your insurance policy from lapsing as a result of the aforementioned circumstances.

Here are some of the salient features of the Tata AIA Life Insurance Waiver of Premium Plus Rider(UIN-110B029V02)

1. Eligibility in terms of the age of the policyholder

An individual between the ages of 18 and 65 years can add the Tata AIA Life Insurance Waiver of Premium Plus Rider(UIN-110B029V02) to their life insurance policy and receive the additional security of waiver of premium benefits. The minimum term for the rider# is five years while the maximum term is the same as the term of the base policy.

 

2. The conditions for the inclusion and deletion of the rider#

You can add the Tata AIA Life Insurance Waiver of Premium Plus Rider(UIN-110B029V02) to your life insurance policy only at the inception of the policy. The subsequent addition of the rider# to the policy is not permissible. Furthermore, once you have included this life insurance rider# in your policy, it is not possible to delete it from the policy.

 

3. The waiver of future premium in case of death and total disability

The Tata AIA Life Insurance Waiver of Premium Plus Rider(UIN-110B029V02) allows for the waiver of all the future premium instalments due on a life insurance policy in the event of the permanent or total disability of the policyholder or their demise. Therefore, the base policy shall continue till its maturity even without premium payments.

 

4. The definition of permanent disability

Total permanent disability has been defined as the disablement of the insured owing to one of the following reasons.

 

  • An injury that makes the insured unable to work

  • The loss of any limbs or the eyesight of the policyholder

  • The loss of independent living, that is, the inability to carry out:

  1. Washing

  2. Dressing

  3. Toileting

  4. Feeding

  5. Mobility without ambulatory support

It is important to note here that a disability will be considered permanent only if it continues to exist for at least 12 months following its occurrence.

 

5. The termination of the rider#

The Tata AIA Life Insurance Waiver of Premium Plus Rider(UIN-110B029V02) shall get terminated under the following circumstances.

 

  • The acceptance of the freelook request made by the policyholder

  • The expiration of the term of the rider#

  • The termination of the base policy

  • The surrender or lapse of the base policy

  • Non-revival of the base policy and the rider# within the revival period

  • The death of the insured under the base policy

 

6. Exclusions in the rider#


The Tata AIA Life Insurance Waiver of Premium Plus Rider(UIN-110B029V02) cover a permanent disability caused by any of the following reasons.

 

  • Attempted suicide

  • An act of war, terrorism, or foreign invasion into the country

  • Involvement in a criminal activity

  • Engagement in professional sports or hazardous acts

  • Alcohol or drug abuse

  • Participation in a non-travelling related flying activity or adventure

  • Exposure to nuclear contamination

  • A pre-existing disease or medical condition diagnosed at least 48 months before the onset or revival of the policy

 

7. Tax* benefits

An important feature of the Tata AIA Life Insurance Waiver of Premium Plus Rider# is that it offers the policyholder a maximum tax relief of ₹25,000 under Section 80D of the Income Tax Act, 1961. Waiver of premium benefit is categorized as a health-based rider and therefore is eligible for a Section 80D deduction.

 

Conclusion

There are several benefits of including the Tata AIA Life Insurance Waiver of Premium Plus Rider(UIN-110B029V02) in your life insurance policy and these benefits carry a minimal additional cost. Therefore, you must add this rider# to your Tata AIA Life Insurance policy to enhance the degree of your coverage and, in turn, your financial security.

 

L&C/Advt/2021/Nov/1972

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

Looking to get a new plan? 

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+91

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA), Tata AIA Life Insurance is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Disclaimers
  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

  • * Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.

  • # Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.

Need more information?

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

Looking to get a new plan? 

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