All About The Tata AIA Life Insurance Waiver of Premium Plus
Updated On Apr 26, 2024
Table of Contents
Riders provide enhancements to the benefits and features of your existing insurance policy at a nominal cost. They are catered to provide added benefits in special circumstances. For example, in case of the sudden death or disability of the policyholder and the lack of an income, continuing with the insurance policy may be difficult. The Tata AIA Life Insurance Waiver of Premium Plus can help out in that case.
The Tata AIA Life Insurance Waiver of Premium Plus covers the premiums left to be paid and helps to keep the insurance policy in force. This is valid if the death of the policyholder or their disability occurs before they turn 70 years of age. To gather more such information, read on.
Benefits of the Tata AIA Life Insurance Waiver of Premium Plus
The following are the benefits available under the Tata AIA Life Insurance Waiver of Premium Plus. This rider can only be added to the base insurance policy at the time of its inception. Also, the policyholder must not be more than 70 years of age at the end of the premium term.
- All remaining premiums of the base insurance policy are waived till the end of its premium paying term in case of death or disability of the life assured.
- The Life Insured under the base insurance policy and the Tata AIA Life Insurance Waiver of Premium Plus rider can be different individuals also.
- With the Tata AIA Life Insurance Waiver of Premium Plus Rider, the premiums payable are eligible for tax benefits under Section 80C of the Income Tax Act of India.
Eligibility for the Tata AIA Life Insurance Waiver of Premium Plus
The following are the terms and conditions with regards to the eligibility of the Tata AIA Life Insurance Waiver of Premium Plus Rider.
|
Criteria |
Eligibility |
|
Entry Age |
Minimum- 18 years Maximum- 65 years |
|
Maximum Maturity Age |
70 years |
|
Minimum Rider Term |
5 years |
|
Rider Premium Payment Term |
Same as that of base insurance policy |
|
Rider Premium Mode |
Same as that of base insurance policy |
Conclusion
The Tata AIA Life Insurance Waiver of Premium Plus is a very important financial tool in order to sustain the insurance policy for yourself or your family members, in case you are not able to provide anymore. It helps to retain the covers and benefits of the base plan at only a fraction of the cost and provides helpful benefits.
