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A Non-Linked, Non-Participating, Individual Health Insurance, Premium Paying Rider (UIN: 110B029V03)
A Non-Linked, Non-Participating, Individual Health Insurance, Premium Paying Rider (UIN: 110B029V03)
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Tata AIA
Waiver of Premium Plus (WOPP) Rider
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Future premiums are waived off in case the premiums cannot be paid due to death of Life Insured* or in case of Total and Permanent Disability of the Life Insured.
- Get income tax# benefits as per applicable tax laws
- Affordable Rider premium to safeguard your family’s financial future
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When life throws unexpected challenges at you in the form of health issues, your financial resources should be robust enough to protect you and your family against the implications of such an emergency. With the Tata AIA Waiver of Premium Plus (WOPP) Rider, you can add an extra layer of protection to your life insurance policy and obtain coverage against health emergencies. Continue enjoying your policy coverage benefits with this optional premium-paying rider^ without worrying about future policy premiums in the event of death or total and permanent disability.
What is Waiver of Premium Rider?
Adding an optional rider^ to your life insurance policy can increase the scope of your policy coverage. You can obtain additional benefits for a specific set of risks if and when the risks covered under the rider occur. However, the waiver of premium rider functions differently; it waives off or cancels the future premium payments on your life insurance policy. It is one of the optional riders you can add to your base life insurance policy. The rider is meant to help enhance the coverage of your base life insurance policy.
Benefits of Adding Riders
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Added Coverage
A waiver of premium rider adds benefits to your base policy in the form of waiving off future premiums. This extra benefit can help your family avoid the burden of paying premiums in the event of an emergency.
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Nominal Cost
Attaching an optional rider^ to your base life insurance policy comes at a reasonable premium which is much more cost-effective than buying another policy that can add to your financial security.
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Easy to Manage
Where two life insurance plans can get difficult to manage, a rider takes away this hassle as the rider premium is added to the base policy premium, and the rider PPT is the same as the policy PPT.
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Customised Policy
Since different riders cover different sets of unforeseen risks and events, you can choose what riders you want to add to your policy and how you want to enhance your policy coverage.
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Tata AIA Waiver of Premium Plus Rider
The Tata AIA Waiver of Premium Plus rider is a premium-paying rider that enables you to enhance your Tata AIA Life Insurance policy coverage through your chosen premium payment mode. If the event of death or total permanent disability of the life insured, the premium payments on the base policy will be waived off or cancelled till the end of the policy’s premium paying term.
It is important to note that the rider can be added to your life insurance policy only at the time of policy inception. Moreover, by the end of the base policy’s premium paying term, the age of the life insured should be 70 years or less. The life insured under the life insurance policy and the life insured under the rider are different individuals, depending on the individual's insurable interest.
The rider is meant to secure the life insured in the event that the proposer of the base policy or the policyholder who pays the policy premiums meets their untimely demise during the policy term or suffers total permanent disability.
The Tata AIA Life Insurance Waiver of Premium Plus offers a range of benefits such as:
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01
Premium Payment Term
The Tata AIA Waiver of Premium Plus rider benefits are applicable throughout the premium payment term of the base life insurance policy. -
02
Financial Security
Once the rider comes into effect on the occurrence of the covered events, it removes the burden of future premium payments on your base policy. -
03
Enhanced Policy Coverage
The base policy benefits will continue without the future premium payments in the event of death or total and permanent disability of the life insured. -
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Minimal Documentation
Submit only the necessary documentation, the doctor’s certificate, and hospital records to claim the rider benefits.
Eligibility Criteria
Minimum Age at Entry |
18 years |
Maximum Age at Entry |
65 years |
Maximum Maturity Age |
70 years |
Minimum Rider Term |
5 years |
Maximum Rider Term |
Same as the base policy’s premium payment term (PPT). |
Rider Premium Payment Term |
Same as the base policy’s premium payment term (PPT). |
Minimum/ Maximum Sum Assured |
The sum of all future premiums on the base policy is to be waived, subject to Board approved underwriting policy. |
Premium Modes |
Same as the base policy |
All reference to age is as on last birthday
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Frequently Asked Questions on Tata AIA Waiver of Premium Plus (WOPP) Rider
What is a rider in life insurance
In life insurance, a rider^ is an optional and additional cover that can enhance the base policy’s coverage to cover a specific set of risks. The rider^ is not a part of the life insurance plan; it should be added to the policy as per the policyholder’s preference and needs.
How is a Waiver of Premium rider different from other riders
When a rider is added to your life insurance policy, it will cover a certain set of risks and offer added financial benefits over and above the sum assured of your base policy.
If a waiver of premium rider is attached to your life insurance plan and the risks covered under the rider^, such as death or total permanent disability, occur, all future premium payments on your base policy will be waived off. However, the policy coverage will continue despite the non-payment of premiums.
Why should you purchase a Waiver of Premium rider
A waiver of premium rider can help you waive off future premium payments on your policy in the event of the death or total permanent disability of the life insured who may also be the family's sole or primary earning member.
In such a situation, the policyholder and the rest of the family can continue being protected by the life insurance policy, while the rider benefit takes away the financial burden of paying the policy premiums.
When can you add the Waiver of Premium rider to your base policy
The Tata AIA Waiver of Premium Plus rider can be added to your life insurance policy only at policy inception or when the policy is being purchased. However, for the rider to be attached to the policy, the age of the life insured should not be more than 70 years at the end of the base policy’s premium-paying term.
Do I need to pay separate premiums for optional riders
Yes, all optional riders, including the waiver of premium rider, come at an additional but nominal premium cost which is paid along with the base policy’s premiums as per the chosen premium payment mode and term.
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Disclaimer
- The complete name of Tata AIA Waiver of Premium Plus (WOPP) Rider is Tata AIA Life Insurance Waiver of Premium Plus (WOPP) Rider (UIN: 110B029V03) - A Non-Linked, Non-Participating, Individual Health Insurance, Premium Paying Rider
- ^Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits covered, rider charges and exclusions under the Riders please refer to the Rider Brochure or contact our Insurance Advisor/ Intermediary or visit our nearest Branch Office.
- *The Life Insured for this Rider is the proposer of the Base Policy
- #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 on this site. Please consult your own tax consultant to know the tax benefits available to you.
- This Rider is underwritten by Tata AIA Life Insurance Company Ltd. This Rider is not a guaranteed issuance Rider, and it will be subject to Company's underwriting and acceptance.
- All Premiums are subject to applicable taxes, cesses & levies which will entirely be borne by the Policyholder and will always be paid by the Policyholder along with the payment of Premium. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder. Alternatively, Tata AIA Life Insurance Company Limited has the right to deduct the amount from the benefits payable by Us under the Policy.
- Insurance cover is available under this product.
- For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
- Risk cover commences along with policy commencement for all lives, including minor lives.
- Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
- In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
- For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
- L&C/Advt/2023/Nov/3942
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