IndiaFirst Life Waiver of Premium Rider

(Non Linked Rider)

A rider is an add on benefit to any base insurance plan. IndiaFirst Life Waiver of Premium Rider will protect your family's financial future by ensuring that your base policy future premiums are waived off in case of life-assured death, accidental total permanent disability, or critical illness. This rider offers you three coverage choices, 10 critical illness coverages, and tax benefits.

3 Coverage Options
Guaranteed Financial Protection For Your Loved Ones
Policy Remains Effective in Your Absence (WOP)
10 Critical Illness Cover
Tax benefits

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Overview
Key features
How to Buy
Eligibility Criteria
Customer Feedback
FAQ

Key Features of Waiver of Premium Rider

Flexible Coverage Options

You may choose from three different coverage options like waiver of premium on death, waiver of premium on Accidental total permanent disability & critical illness.

Waiver Of Premium Benefit

No need to pay future premiums in case of unforeseen events as we fund them for you.

Critical Illness Coverage

Get covered if you are diagnosed with any of the 10 critical illnesses under the rider.

Tax benefits

Save tax on the premiums you pay and the benefits you receive as per current tax laws.

How to Buy IndiaFirst Life Waiver of Premium Rider?

Step 1

Select Your Base Plan

Select the IndiaFirst Life Insurance Plans that suits your needs.

Step 2

Customize Your Policy

Select the policy term and premium paying term that suits your requirements.

Step 3

IndiaFirst Life Waiver Of Premium Rider Enhancement

This rider adds extra protection to your base plan for your family against death, disability, or critical illness. Check if the selected plan offers Waiver Of Rider enhancement or not.

Step 4

Receive and Review Quote

Check and review the quote generated. Ensure the plan meets your expectations and budget.

Step 5

Talk to our experts

Our sales representative will help you with the next steps and address any questions you may have.

Step 6

Make Payment

Review the quote generated and complete your application form with the selected plan by making the payment.

Eligibility Criteria

Age

Rider Term

Premium Payment Term

Annual Premium

Age at entry

Question: Age at entry
Sequence
Answer: Minimum: 18 years
Maximum: 55 years
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Rider Term

Question: Rider Term
Sequence
Answer: Minimum: 5 years (subject to base plan’s outstanding policy term / premium payment term to be at least 5 years)
Maximum: Same as base plan’s Premium Payment Term (subject to earlier of: 30 years at maximum or Policyholder’s age not exceeding 70 years)
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Premium Payment Term

Question: Premium Payment Term
Sequence
Answer: Minimum: Same as the rider policy term
Maximum: Same as the rider policy term
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Annual Premium

Question: Annual Premium
Sequence
Answer: Minimum: ₹500
Maximum:
Rider is other than health i .e. ATPD or Critical Illness related - 30% of premiums payable under base policy
Rider is on health - 100% of premium payable under base policy.
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How people have benefitted from IndiaFirst Life

Hassle-free Onboarding Process

From the onboarding process to the comprehensive medical tests, IndiaFirst Life ensured a hassle-free journey for me. The features of the plan I purchased are as per my expectations, providing me with peace of mind for future.

Mohit Agarwal

(Mumbai, 21st March 2024)

How people have benefitted from IndiaFirst Life

Pleasant Online Buying Experience

Buying IndiaFirst Life's life-insurance policy was a pleasant experience for me. The hassle-free nature of interaction with the company's representative was a boon and so was the inclusion of must-have features in their policy plans.

Satyam Nagwekar

(Mumbai, 22nd March 2024)

How people have benefitted from IndiaFirst Life

Trusted ally in my financial journey

IndiaFirst Life's Radiant Smart Invest Plan has completely won me over! It's like having a trusted ally in my financial journey. With its flexible fund switch options, I've been able to craft my investments just as I envisioned. In just a year, I've seen a remarkable 20% return on my investments! The support from the onboarding team has been absolutely fantastic, making me feel truly cared for and supported.

Paulomi Banerjee

(Kolkata, 21st March 2024)

IndiaFirst Life Waiver of Premium Rider FAQs

View All FAQ

General

Policy Types

Eligibility Criteria

Premiums and Payments

Claim and Beneficiary

Can you return your policy?

Answer

Yes, you can return your policy within the Free Look period;

In case you do not agree to the any policy terms and conditions, you have the option of returning the policy to us stating the reasons thereof, within 30 days from the date of receipt of the policy whether received electronically or otherwise.

Do you get any refund when you return your policy?

Yes. We will refund an amount equal to the – Premium paid

Less i. Pro-rata risk premium for the time the policy was in force

Less ii. Any stamp duty paid

Less iii. Expenses incurred on medical examination, if any

Is any tax applicable? If yes, who bears it?

Answer: Yes. The applicable taxes will have to be borne by you, the policyholder. These are subject to change from time to time as per Income-Tax laws. 1961

What are the benefits of this rider policy?

Answer

This policy provides to waive off all the future premiums on earlier happening of any of the following events, provided both the base and rider policies are in force:

A. Death

B. Accidental Total Permanent Disability

C. Critical Illness

What is the IndiaFirst Life Waiver of Premium Rider?

Answer: IndiaFirst Life Waiver of Premium Rider is a nonlinked, rider. The rider will help you further guard your loved ones from any upcoming unfortunate events like death, accidental total permanent disability and critical illnesses. You can attach this to your base policy in order to further enhance the benefits of the policy you had bought.

What are the policy options you can choose from?

Answer

You can choose from 3 different options for cover available underlying the rider plan when buying this rider policy. The options are as given below –

OPTION	BENEFIT
Waiver of Premium on Death	This option provides benefit of waving all future premiums due and payable under the base policy on Death of the Policyholder (only when life assured and Policy Holder are different individuals under base policy), subject to rider and base policy being in force.
Waiver of Premium on Accidental Total Permanent Disability or (diagnosis of) Critical Illness	This option provides the benefit of waving all future premiums due and payable under the base policy on either or simultaneous happening of the following events; Accidental Total Permanent Disability of the rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the critical illnesses covered under the rider, subject to rider and base policy being in force.
Waiver of Premium on Death or Accidental Total Permanent Disability or Critical Illness	This option provides the benefit of waving all future premiums due and payable under the base policy on either or simultaneous happening of the following events - Death of the rider life assured or Accidental Total Permanent Disability of rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the Critical Illnesses covered under the rider, subject to rider and base policy being in force. To opt for this option, life assured and Policy Holder should be different individuals under base policy

OPTION

BENEFIT

Waiver of Premium on Death

This option provides benefit of waving all future premiums due and payable under the base policy on Death of the Policyholder (only when life assured and Policy Holder are different individuals under base policy), subject to rider and base policy being in force.

Waiver of Premium on Accidental Total Permanent Disability or (diagnosis of) Critical Illness

This option provides the benefit of waving all future premiums due and payable under the base policy on either or simultaneous happening of the following events; Accidental Total Permanent Disability of the rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the critical illnesses covered under the rider, subject to rider and base policy being in force.

Waiver of Premium on Death or Accidental Total Permanent Disability or Critical Illness

This option provides the benefit of waving all future premiums due and payable under the base policy on either or simultaneous happening of the following events - Death of the rider life assured or Accidental Total Permanent Disability of rider life assured or on the confirmed diagnosis of the rider life assured suffering from any one of the Critical Illnesses covered under the rider, subject to rider and base policy being in force.

To opt for this option, life assured and Policy Holder should be different individuals under base policy

For detailed definitions of Accidental Total Permanent Disability (ATPD) and Critical Illness refer to important definitions

What are the tax benefits under this policy?

Answer: Tax benefits may be available on premiums paid and benefit receivable as per prevailing Income Tax Laws. Tax benefits are subject to change from time to time as per the Income Tax Act, 1961. Please consult your tax consultant before investing.

What are the basic eligibility criteria in this policy?

Answer: Criteria Minimum Maximum
Entry Age 18 Years 55 Years
Premium Rs 500
30% of premiums (including extra premium, if any) payable under the base policy, when the rider is other than health i .e. ATPD or Critical Illness related, and
100% of premiums (including extra premium, if any) payable under the base policywhen the rider is pertaining to health related or Critical Illness

Rider Term 5 years ( subject to base plan’s outstanding policy term / premium payment term to be at least 5 years) Same as base plan’s Premium Payment Term (subject to earlier of: 30 years at maximum or Policyholder’s age not exceeding 70 years (as on last birthday)
Premium payment Term Same as rider policy term Same as rider policy term

Criteria	Minimum	Maximum
Entry Age	18 Years	55 Years
Premium	Rs 500	30% of premiums (including extra premium, if any) payable under the base policy, when the rider is other than health i .e. ATPD or Critical Illness related, and 100% of premiums (including extra premium, if any) payable under the base policywhen the rider is pertaining to health related or Critical Illness
Rider Term	5 years ( subject to base plan’s outstanding policy term / premium payment term to be at least 5 years)	Same as base plan’s Premium Payment Term (subject to earlier of: 30 years at maximum or Policyholder’s age not exceeding 70 years (as on last birthday)
Premium payment Term	Same as rider policy term	Same as rider policy term

Can you surrender your policy?

Answer: Yes, while we do not encourage you to surrender your policy, you may choose to surrender the same. You may note that there is no surrender value in this policy.

Is there a grace period for missed premiums?

Answer

The Premiums should be paid on or before the due dates to avoid any lapsation. You are provided a Grace Period of 15 days under monthly mode and 30 days for other premium payment modes, in case you miss your due premium on the due dates.

All your policy benefits continue during this grace period and the policy will be considered to be in-force.

What are the premium payment modes available in the policy?

Answer: The premium payment modes and modal factors will be the same as the base policy.

What are your options to revive the policy?

Answer: If the base policy lapses, then rider policy will cease. If you do not pay your due premiums before the end of the grace period, your policy lapses. You may revive your policy within a specified period by simply paying the pending premium along with interest/Late fees from the due date of first unpaid premium.

You may revive your lapsed policy, as long as you do it within the revival period basis the base plan, from the due date of the first unpaid regular premium but before the maturity date. The revival is subject to satisfactory medical and financial requirements raised by the Company. The medical cost, if any, is to be borne by you. If you do not revive your policy by the end of the revival period, the policy terminates, and you will not be entitled to receive any benefits.

What are the conditions in which the benefits of this plan will not be paid?

Answer

A. Suicide Exclusion

In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

B. Exclusions for Accidental Total and Permanent Disability

If any claim for Accidental Total and Permanent Disability is caused directly or indirectly due to or arises from any of the following circumstances, the benefit will not be payable –

1. Intentional self-inflicted injury, suicide or attempted suicide, while sane or insane;

2. Insured person being under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner;

3. War, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, terrorist act, revolution, insurrection, military or usurped power, riot or civil commotion, strikes;

4. Participation by the insured person in any flying activity, except as a bona fide, passenger in a commercially licensed aircraft;

5. Participation by the insured person in a criminal or unlawful act;

6. Any disability due to an Accident that occurred before the effective date of the cover

7. Any disability due to any kind of sickness, disease or congenital anomalies before and/or after the effective date of the cover;

8. Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee-jumping;

9. Nuclear Contamination; the radio-active, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident a rising from such nature;

C. Exclusions for Critical Illness

The life assured will not be entitled to any benefits under this Rider, if a covered critical illness results directly or indirectly from or occurring during any one of the following:

1. If the insured dies within 30 days of the diagnosis of the covered Critical Illness.

2. For any medical condition or medical procedure resulting directly or indirectly from self-inflicted injuries, attempted suicide, while sane or insane;

3. For any medical conditions suffered by the life insured or any medical procedure undergone by the life insured, if that medical condition or that medical procedure was caused directly or indirectly by any congenital anomaly or defect;

4. For any medical conditions suffered by the life insured or any medical procedure undergone by the life insured, if that medical condition or that medical procedure was caused directly or indirectly by alcohol or drug abuse

5. Engaging in or taking part in *hazardous activities, including but not limited to, diving or riding or any kind of race; martial arts; hunting; mountaineering; parachuting; bungee-jumping; underwater activities involving the use of breathing apparatus or not;

*Hazardous Activities mean any sport or pursuit or hobby, which is potentially dangerous to the Insured Member whether he is trained or not

6. Participation by the insured person in a criminal or unlawful act with criminal intent.

7. For any medical condition or any medical procedure arising from nuclear contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.

8. For any medical condition or any medical procedure arising either as a result of war, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes or participation in any naval, military or air force operation during peace time.

9. For any medical condition or any medical procedure arising from participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger and aviation industry employee like pilot or cabin crew of a recognized airline on regular routes and on a scheduled timetable.

10. Disease specific Exclusions as mentioned in the Definitions.

What happens in case of submission of information which is false or incorrect?

Answer

Fraud/ Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938, as amended from time to time.

Section 45 of the Insurance Act 1938, as amended from time to time states

1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.

2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.

3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.

4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based: Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.

5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the Life Insured was incorrectly stated in the proposal.

What is maturity benefit payable under this rider?

Answer: There is no maturity or survival benefit payable under this rider.

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