FAQs for Shriram Life Waiver of Premium Rider
If I already have life insurance, why do I need a Waiver of Premium Rider?
Life insurance provides a pay out on a claim, whereas the WoP Rider ensures your policy continues by waiving future premiums after a covered event.
Will my policy continue even if I'm unable to pay future premiums?
Yes. If a covered event occurs and the claim is admitted, future eligible premiums are waived and the policy continues.
Does the Company pay my future premiums after a valid claim?
Yes. Eligible future premiums under the base policy and applicable covered riders are waived by the Company.
Will all my policy benefits remain unchanged after the premium waiver?
Yes. The policy continues with its applicable benefits as per the policy terms and conditions.
Is this rider useful only if I die?
No. Depending on the option selected, the rider also covers Terminal Illness, Critical Illness, and Total Permanent Disability.
Can I add this rider after purchasing my policy?
Yes. The rider can also be added on a subsequent policy anniversary, subject to eligibility and underwriting.
What happens if I am diagnosed with a Critical Illness?
If you have selected the applicable benefit option and the illness meets the policy definitions after the waiting period, future eligible premiums will be waived.
If I recover after making a claim, do I have to start paying premiums again?
No. Once the rider benefit is triggered through a valid claim, eligible future premiums remain waived.
Are all Critical Illnesses covered?
No. Only the specified Critical Illnesses listed under the rider are covered.
If I become permanently disabled due to an accident, will my policy continue?
Yes. If the disability satisfies the policy definition of Total Permanent Disability, future eligible premiums will be waived.
What if I miss a premium before making a claim?
The policy must satisfy the applicable policy conditions at the time of claim. It is advisable to keep your policy in force.
Will premiums of my attached riders also be waived?
Yes. Eligible premiums of applicable subsisting riders are also waived as per the rider terms.
Can I buy only the Waiver of Premium Rider?
No. It is an optional rider that must be attached to an eligible base policy.
Does this rider have any maturity or surrender value?
No. The rider is designed only to provide premium waiver benefits and does not offer maturity or surrender benefits.
Can I choose the type of protection I need?
Yes. You can choose from Life, Health, or Life & Health benefit options based on your protection needs.
