Waiver of Premium Rider | Riders - PNB MetLife

Waiver of Premium Rider at PNB MetLife Insurance

MetMore Riders

At PNB MetLife, we want our customers to get the maximum out of their lives. Be it in terms of making their dreams come true or getting the best out of their insurance plan. With this in mind, we created MetMore which allows you to customize your life insurance plan. So that it can be tailored to meet the unique needs of you and your family members. MetMore offers you a choice of riders which are optional contracts that allow you to enjoy additional benefits. They are always attached to the basic policy at the time of purchasing it, and cannot be bought separately or independently. Each rider comes with its own premium rates and separate policy conditions. The premium, nature and characteristics of the rider are based on the base policy to which the rider is attached.
So go on, get more out of life.

Waiver of Premium Rider

Plan Overview

Waiver of Premium (WOP) Rider is an additional offering which can be purchased by paying a nominal extra premium over and above the base premium. The WOP rider ensures that a policyholder’s future due premiums are waived off.
In case of total and permanent disability of the life assured due to accident by outward, violent or visible means, this rider allows premium on base policy and attached riders, if any, to be waived. Total and permanent disability means that at the time at which disability starts or any time thereafter, the life assured can never be capable of doing something to earn wages, compensation or profits. The total disability should last for at least 6 consecutive months. There is no disability cover during the first 6 months of the policy.

Features

Plan at a Glance

Minimum Entry                                 15 years
Maximum Entry                                55 years
Maximum age at maturity                 60 years
Minimum Sum Assured                     Rs. 50,000
Maximum Sum Assured                    Rs. 10, 00,000 or base Sum Assured whichever is lower.

Termination of the Rider

The rider will be terminated on the earlier of:

  • The end of the grace period of the first unpaid premium.
  • The policy anniversary on which the life assured is aged 60 years (as on last birthday) or the maturity date of the base policy which ever is earlier.
  • Death of the life assured.