INTRODUCTION
A Waiver of Premium Rider is an additional coverage choice that can be included in a life insurance policy and is provided by ICICI Prudential Life Insurance. This rider exempts the policyholder from paying premiums in the case of a specific disease or disability. The ICICI Prudential Waiver of Premium Rider's characteristics, advantages, and comparison to other riders provided by other insurers will all be covered in further detail in this blog post.
Financial relief
The ICICI Prudential Waiver of Premium Rider's capacity to waive the policyholder's premium payments in the case of a specific disease or disability is one of its important benefits. This means that during a trying moment, like a protracted illness or disability, policyholders won't have to worry about paying their payment. This can offer policyholders and their families much-needed financial assistance.
Comprehensive coverage
The fact that the Waiver of Premium Rider is applicable to both the base policy and any extra riders that have been added to the policy is another crucial aspect of the waiver. This means that even if a policyholder is unable to pay their premium because of a predetermined disability or disease, their entire coverage will still be in effect.
Waiting Period
There is a waiting period before the waiver becomes effective according to the ICICI Prudential Waiver of Premium Rider. The policyholder must be incapacitated or unwell for the duration of the waiting period, which is typically 90 days, in order for the waiver to be effective. This waiting period aids in making sure that policyholders only get benefits if they actually can't work as a result of a specific disease or condition.
Any life insurance plan provided by the company can include the Waiver of Premium Rider. Owners of policies can select the level of protection that best meets their needs. The rider may be added on later or acquired at the same time as the life insurance policy. The amount of the rider's premium depends on the level of coverage selected, the policyholder's age, and other elements.
Tax advantages are also provided by the ICICI Prudential Waiver of Premium Rider. The provisions of the Income Tax Act provide for tax benefits on the premium paid for the rider. The money saved from taxes might then be used for other expenses by policyholders.
Easy and convenient
The company's claims procedure is one of the features that distinguishes ICICI Prudential's Waiver of Premium Rider from other riders provided by other insurers. The claims procedure is basic and uncomplicated, and policyholders can anticipate prompt benefit disbursements. The business has a dedicated claims department that quickly manages the claims procedure. Online claim status tracking is also available to policyholders.
Exclusions
It is significant to note that not all illnesses or disabilities are covered by the ICICI Prudential Waiver of Premium Rider. There are several exceptions, including self-inflicted wounds, suicide, and illnesses picked up while participating in risky activities. Before acquiring the rider, policyholders should thoroughly read the policy paperwork and comprehend the exclusions.
How does it work?
The rider is frequently added by policyholders as an extra benefit or choice to a life insurance policy. It is only accessible when a policy is granted, and prices vary depending on the insurer and the applicant. In most cases, insurance firms either charge an upfront fee or include a rider fee in the premium. The price of a life insurance policy is increased by this fee.
Most premium waiver riders include a waiting period before you can obtain benefits. You may be eligible for a complete refund of your premium payments if you suffer bodily impairment or harm while waiting. The insurer company assumes substantially larger risk losses when there is no waiting period.
Pre-existing disabilities bar applicants from receiving benefits from a premium rider waiver. The potential of drafting a policy that would not receive premium payments from the high-risk applicants is avoided by including a pre-existing limitation.
Conclusion
In conclusion, a life insurance policy would benefit from having the ICICI Prudential Waiver of Premium Rider. Knowing they won't have to worry about paying their premium during a trying time, such a protracted illness or incapacity, gives policyholders piece of mind. The rider is also applicable to the policy's base coverage and any extra riders that have been included. The rider features an easy and clear claims process and gives tax benefits as well. Before acquiring a rider, policyholders should be aware of the rider's exclusions as well as the waiting period before the waiver kicks in. In trying times, it can be of considerable assistance to policyholders and their families.
