In case life insured / policy holder is unable to pay the policy premiums due to a disability, critical illness or an untimely demise, all future premiums of the base plan and the attached riders will be paid by BSLI and all policy benefits will continue.
There are many compelling reasons to purchase life insurance, but what would happen to your coverage in the event of an accident or unexpected illness. BSLI Waiver of Premium rider ensures your insurance benefits continue if you are unable to pay the premiums in the event any unforeseen calamities.
|Eligibility Criteria |
||18 – 65 years |
Maximum age at the end of rider term is 70 years
||Same as that of the base plan or till the attained age 70 of the life insured, whichever is earlier |
|Premium Paying Term
||Same as base plan |
||Same as base plan |
You may opt for this rider only at the time of policy issue.
If you are unable to pay your premium in the event of financial difficulties arising due to the following:
then BSLI will waive off all the future premiums of the base plan and the attached riders throughout the rest of the policy term or until the termination of the policy or till the attained age 70 of the proposer whichever is earlier.
- Proposer becomes completely disabled due to an illness or accident
- Proposer is diagnosed with any of the specified critical illnesses
- Death of the proposer (if not the life insured)
The benefit under this rider is payable only when the base plan is in effect. The cover under this rider will cease after a claim under this rider is paid, however, the cover under the base plan/other rider/s will continue.
|Important To Note |
|Total and Permanent Disability|
The proposer shall be regarded as disabled and entitled to this benefit if due to illness, disease, injury or surgical operations s/he is totally and permanently unable, even with reasonable training, rehabilitation and/or job accommodation to engage in gainful employment in any occupation whatsoever. This disability should last for at least 180 days before being eligible for total and permanent disability benefits.
We cover 4 major illnesses under this benefit -
|1. First Heart Attack of Specified Severity |
The death of a portion of the heart muscle as a result of inadequate blood supply to the relevant area. The diagnosis for this will be evidenced by all of the following criteria:
- A history of typical clinical symptoms consistent with the diagnosis of Acute Myocardial Infarction (for example typical chest pain),
- New characteristic electrocardiogram changes,
- Elevation of infarction specific enzymes, Troponins or other specific biochemical markers.
- Non-ST-segment elevation myocardial infarction (NSTEMI) with elevation of Troponin I or T;
- Other acute Coronary Syndromes;
- Any type of angina pectoris
2. Cancer of Specified Severity
A malignant tumour characterised by the uncontrolled growth and spread of malignant cells with invasion & destruction of normal tissues. This diagnosis must be supported by histological evidence of malignancy & confirmed by a pathologist. The term cancer includes leukaemia, lymphoma and sarcoma.
- Tumours showing the malignant changes of carcinoma in situ & tumours which are histologically described as premalignant or non invasive, including but not limited to: Carcinoma in situ of breasts, Cervical dysplasia CIN-1, CIN-2 &CIN-3;
- Any skin cancer other than invasive malignant melanoma;
- All tumours of the prostate unless histologically classified as having a Gleason score greater than 6 or having progressed to at least clinical TNM classification T2N0M0;
- Pailliary micro-carcinoma of the thyroid less than 1cm in diameter;
- Chronic lymphocytic leukaemia less than RAI stage 3;
- Microcarcinoma of the bladder;
- All tumours in the presence of HIV infection.
3. Stroke Resulting In Permanent Symptoms
Any cerebrovascular incident producing neurological sequelae. This includes infarction of brain tissue, thrombosis in an intracranial vessel, haemorrhage and embolisation from an extracranial source. Diagnosis has to be confirmed by a specialist medical practitioner and evidenced by typical clinical symptoms as well as typical findings in CT scan or MRI of the brain. Evidence of neurological deficit for at least 3 months has to be produced.
- Transient ischemic attacks (TIA)
- Traumatic injury of the brain
- Vascular disease affecting only the eye or optic nerve or vestibular functions;
4. Major Organ / Bone Marrow Transplant
The actual undergoing of a transplant of:
- One of the following human organs: heart, lung, liver, kidney, pancreas that resulted from irreversible end-stage failure of the relevant organ, or
- Human bone marrow, using haematopoetic stem cells. The undergoing of a transplant has to be confirmed by a specialist medical practitioner.
- Other stem-cell transplants
- Where only islets or langerhans are transplanted.
Accident is a sudden, unforeseen and involuntary event caused by external, visible and violent means.
Injury means accidental physical bodily harm excluding illness or disease solely and directly caused by external, violent and visible and evident means which is verified and certified by a medical practitioner.
Illness means a sickness or a disease or pathological condition leading to the impairment of normal physiological function which manifests itself during the Policy Period and requires medical treatment.
Medical Practitioner is a person who holds a valid registration from the Medical Council of any state or Medical Council of India or Council for Indian Medicine or for Homeopathy set up by the Government of India or a State Government and is thereby entitled to practice medicine within its jurisdiction; and is acting within the scope and jurisdiction of his license. The medical practitioner should not be the insured or a close relative of the insured.
The life insured will not be entitled to any benefits if a covered critical illness or disability results either directly or indirectly due to, or caused, occasioned, accelerated or aggravated by any of the following:
- Diseases in the presence of an HIV infection
- Any pre-existing or recurring disease which is diagnosed or which the proposer contracted prior to the policy issue date or the revival date of the policy, whichever is later
- Any disease occurring during the waiting period
- No payment will be made by us for any claim directly or indirectly caused by, based on, arising out of, or howsoever, to any illness or accident for which care, treatment, or advice was recommended by or received from a physician, or which first manifested itself or was contracted before the start of the policy period, or for which a claim has or could have been made under any earlier policy
- Any congenital condition
- Intentional self-inflicted injury, attempted suicide, while sane or insane
- Alcohol or solvent abuse or intake of drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner
- Failure to seek or follow medical advice
- 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
- Taking part in any naval, military or air force operation during peace time
- Where the proposer is engaged in aviation or aeronautics other than as a passenger on a licensed commercial aircraft operating on a scheduled route
- Participation by the proposer in a criminal or unlawful act
- 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
- 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
|Terms And Conditions |
Termination of rider
You are not allowed to opt out of the rider once availed. However, the rider benefit will cease immediately if the base plan is terminated, discontinued or made paid-up.
Current Tax Benefits
As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
- Under Section 80C, premiums up to Rs. 100,000 are allowed as a deduction from your taxable income each year.
- Under Section 10(10D), the benefits you receive from this plan are exempt from tax, subject to mentioned exclusions.
Service Tax and other levies, as applicable, will be extra and levied as per the extant tax laws.
Prohibition of Rebates – Section 41 of the Insurance Act, 1938
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
Non-Disclosure – Section 45 of the Insurance Act, 1938
No policy of life insurance effected after the coming into force of this act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the life insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that 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 application.
This rider is underwritten by Birla Sun Life Insurance Company Limited (BSLI). This brochure contains only the salient features of the rider. Tax benefits are subject to changes in the tax laws. Insurance is the subject matter of the solicitation. For further details please refer to the policy contract or call your BSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true.
Regd. Office: One Indiabulls Centre, Tower 1, 15th & 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013. Reg. No. 109. Corporate Identity Number: U99999MH2000PLC128110