ICICI Pru Non-Linked Waiver of
Premium
A life insurance policy is a crucial step in your financial planning . While a life insurance plan provides a financial safety net for your loved ones, a rider helps you make your life insurance plan robust. In case of an unexpected event such as accident or illness, paying premiums might become challenging. In such cases, a rider provides additional coverage and added protection against these risks.
Presenting, ICICI Pru Non-Linked Waiver of Premium Rider, an add-on to your policy that ensures your goals remain secure and your life cover continues, even if you are unable to pay the premiums due to unforeseen circumstances like an accidental disability or an illness. With ICICI Pru Non-Linked Waiver of Premium Rider, you can rest assure that your loved ones will always be protected, regardless of the ups and downs in life.
Key Benefits:
- Get waiver5 on all future premiums on occurrence of unforeseen events like Death, Accidental Total Permanent Disability1, Terminal illness2, and Critical Illness3
- Customize you rider benefits based on your needs by choosing any one of the three available benefit options:
- Tax benefits4 may be available on premiums paid and benefits received as per prevailing tax laws.
- The Rider is also available for sale through online mode.
a. Life option: Waiver of premium on death or terminal illness
b. Health option: Waiver of premium on accidental total permanent disability or critical illness
c. Life and Health option: Waiver of premium on Death, Accidental Total Permanent Disability1, Terminal illness2, and Critical Illness3
1) Can I only purchase the ICICI Pru Non-Linked Waiver of Premium Rider?
2) Does the rider provide tax benefits?
Tax benefits4 may be available on premiums paid and benefits received as per prevailing tax laws. Tax benefits4 under the policy are subject to conditions under other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above
3) Is there any online discount available?
No online discount is available exclusively on this rider
4) Are there any exclusions for ICICI Pru Non-Linked Waiver of Premium Rider?
Refer to sales brochure for more understanding on exclusions
1) Can I only purchase the ICICI Pru Non-Linked Waiver of Premium Rider?
2) Does the rider provide tax benefits?
Tax benefits4 may be available on premiums paid and benefits received as per prevailing tax laws. Tax benefits4 under the policy are subject to conditions under other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above
3) Is there any online discount available?
No online discount is available exclusively on this rider
4) Are there any exclusions for ICICI Pru Non-Linked Waiver of Premium Rider?
Refer to sales brochure for more understanding on exclusions
The below table shows sample annualized premiums for a 35-year male at different premium payment terms and benefit options for Rs. 1 Lac annualized premium of base policy.
| Premium Payment Term of Base Policy | Life Option (Premium in Rs.) | Health Option (Premium in Rs.) | Life and Health option (Premiumin Rs.) | |||
|---|---|---|---|---|---|---|
| Annual | Total | Annual | Total | Annual | Total | |
| 5 years | 516 | 2,580 | 563 | 2,815 | 1,029 | 5,145 |
| 6 years | 618 | 3,708 | 686 | 4,116 | 1,252 | 7,512 |
| 10 years | 1,104 | 11,040 | 1,298 | 12,980 | 2,338 | 23,380 |
| 12 years | 1,391 | 16,692 | 1,670 | 20,040 | 2,989 | 35,868 |
| 20 years | 2,815 | 56,300 | 3,534 | 70,680 | 6,241 | 1,24,820 |
In the above illustration, it is assumed that there are no underwriting extra premiums and no other riders have been attached to the base policy at the time of purchasing WoP rider.
GST applicable on premium will be charged extra as per prevailing tax4 laws.
Annualized Premium is the premium amount payable in a year chosen by policyholder, excluding the taxes, underwriting extra premium and loadings for modal premium, if any.
Total Premiums Paid means the total of all the premiums received, excluding any extra premium and taxes.
Plan at a Glance
| Premium Payment Option (PPT in years) |
Premium Payment Term (PPT) (in years) |
Min/Max Coverage Term (in years) |
Min/Max Age at Entry (in years) |
Min/Max Basic Sum Assured | Min/Max Annualized Premium |
|---|---|---|---|---|---|
| Regular Pay | 5 to 57 | 5 to 57 | 18/65 | Sum of annualized premium and underwriting extra premiums (if any) of the base policy or subsisting other rider(s), under each benefit option | Corresponding to the minimum/maximum sum assured not exceeding 100% of premium under the base policy |
- *Applicable Goods and Services Tax will be taken separately, as per applicable rates. The tax laws are subject to amendments from time to time.
- Premium Payment Frequency: Yearly, Half-Yearly, Monthly (same as chosen under the Base policy)
Please note: The Rider Term shall always be equal to the outstanding premium payment term of the base policy or any other subsisting rider(s), as applicable, as on the date of attachment. The Rider premium payment term will be equal to the rider term.
The Basic Sum Assured cannot exceed the Sum Assured at inception for the base policy or that of the other subsisting rider, as applicable. Maximum Sum Assured under any of the benefit options of the rider will be as per Board approved Underwriting Policy (BAUP).
The rider can be attached to an applicable base policy or rider(s) at the inception of such policy / rider(s) or at any subsequent policy anniversary, as long as the life assured by this rider is not older than 75 years at the end of the premium payment period for the base policy. In case the rider is attached after the first policy anniversary, the base policy / rider(s) should be in-force and premiums are being paid on the attachment date
If there is an overlapping benefit between the base policy / other subsisting rider(s) and the benefit option of the WoP rider, that benefit option shall not be offered.
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