Max Life Waiver of Premium Plus Rider
By adding Max Life Waiver of Premium Plus rider to your life insurance policy, you can avail waiver of all future premiums in case of happening of an eventuality mentioned below to the policyholder.
- In case Policyholder & Life Insured are same
- Dismemberment
- Diagnosis of eleven (11) specified critical illnesses
- In case Policyholder & Life Insured are different
- Dismemberment
- Diagnosis of eleven (11) specified critical illnesses
- Death
Benefits
Rider provides waiver for all future premiums under a policy and all other attaching riders on earlier happening of either of the following events, provided the base policy and attaching riders are in force:
Critical Illness; or
Dismemberment; or
Death (only when Life Insured and Policyholder are different individuals)
Once claim under this rider is accepted and future premium(s) are waived; then in case of termination of base policy due to happening of any insured event or surrender (only if surrender value is available under the base policy), the following benefits are payable:-
All applicable benefits under the base policy
the present value of the future Premium (including rider premium, if any) to be waived, discounted at the rate of 6.5% p.a.
Eligibility
| Entry Ages (Age as on Last Birthday) | Minimum: 18 years
Maximum: 65 Years |
| Maximum Maturity Age (Age as on Last Birthday) | 70 years |
| Rider Term | Same as base plan Premium Payment Term or remaining Premium Paying Term of base plan in case the rider is not taken at inception, subject to a minimum rider term of 5 years and maximum term of 35 years |
| Premium Payment | Term Same as Rider Term |
| Minimum Sum at Risk | The minimum sum at risk amount is determined basis minimum annual premium of base plan along with attaching riders (if any) of Rs. 1,000. |
| Maximum Sum at Risk | The maximum sum at risk amount is determined basis maximum annual premium of base plan along with attaching riders (if any) of Rs. 3, 50,000. |
Surrender Value
FAQs
LoanLoan facility is not available under this rider.
RevivalIn case of non-receipt of any premiums up to the expiry of grace period, the rider will lapse and no benefits shall be payable.
Once the rider has lapsed, it can only be revived within a revival period of two years from the due date of first unpaid premium subject to the following conditions:
The policyholder giving the Company a written request to revive the rider; and
Policyholder paying all overdue premiums, together with interest and / or late fee determined by the Company from time to time (currently 8.0% per annum);
The Policy holder producing an evidence of insurability at his/her own cost which is acceptable to the Company; and
The revival of the rider shall take effect only after revival of the rider is approved by Max Life Insurance basis the Board-approved Underwriting Policy and communicated to the policyholder in writing.
If a lapsed rider is not revived within two years or before the expiry of rider term, whichever is earlier, the rider shall be terminated and no value is payable to the policyholder. The revival of the rider shall take effect only if the base policy is in force or has been revived (if it was lapsed).
Discontinue Paying Premium
In case the premium is not paid by the premium due date, a Grace Period of 30 days from the due date (15 days in case of monthly mode) of first unpaid premium will be allowed. During this Grace Period, the risk cover will continue. Post that the rider will lapse.
