Astha
Waiver of Premium
While the contract is in force, in case of permanent and total disability resulting from bodily injury caused directly by accident or illness which prevents the policyholder from engaging in any business, occupation, or work whatsoever for remuneration or profit and which disability has continued uninterruptedly for at least six months and has been certified to be incurable by a physician approved by the company, then subject to provisions of this contract, waiver of premium shall be made by the company i.e. no premium have to pay for the remaining term of the policy.
Feature & Benefit
How It Works
General Information
- While the contract is in force, if the policyholder experiences permanent and total disability due to bodily injury caused directly by an accident or illness:
- The disability must prevent the policyholder from engaging in any business, occupation, or work for remuneration or profit.
- The disability should continue uninterruptedly for at least six months.
- A physician approved by the company must certify that the disability is incurable.
- In such cases, the company will waive the premium payments for the remaining term of the policy.
- Essentially, this feature ensures that the policy remains active even if the insured person cannot pay premiums due to disability.
- A waiver of premium rider is a common feature in life insurance policies.
- It keeps the policy active if the insured person becomes disabled or unemployed and cannot make premium payments.
- Typically, the waiver kicks in after a waiting period.
- It prevents a lapse in coverage due to non-payment of premiums.
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