Mumbai: SBI Life Insurance has launched its ‘Waiver of Premium’ rider to help policyholders protect their long-term financial plans against unforeseen circumstances, including critical illnesses and disabilities.
Financial planning involves long-term commitments, whether for children’s education, retirement, family protection or other important financial needs. However, unexpected events can affect an individual’s ability to continue paying insurance premiums, potentially putting these goals at risk.
The new rider aims to address this concern by waiving all future premiums, including additional premiums, when specified conditions are met. This allows the base policy and associated riders to continue in accordance with their respective terms and conditions, even when the policyholder becomes unable to make further premium payments.
The rider will be available with select individual non-linked and linked life insurance products offered by SBI Life, providing an additional layer of protection to long-term financial commitments.
Commenting on the launch, M. Anand, President and Chief Distribution Officer at SBI Life Insurance, said financial security was not just about preparing for future needs but also about ensuring that financial commitments could be sustained during difficult circumstances.
“When customers plan their finances for the long term, protection solutions must account not only for anticipated risks but also for unforeseen circumstances that may affect their ability to continue with those plans. SBI Life’s Waiver of Premium rider has been designed with this approach in mind. It provides an important additional layer of protection to help sustain long-term financial plans,” Anand said.
He added that SBI Life continued to focus on developing protection solutions aligned with customers’ evolving financial planning needs. The new rider, he said, reflected the company’s commitment to helping customers maintain their plans with greater confidence, even when circumstances change.
Key Features of the Waiver of Premium Rider
Under the rider, all future premiums, including additional premiums, will be waived when specified conditions are met, allowing the base policy and associated riders to continue subject to their applicable terms and conditions.
When the proposer and the life assured are the same person, the rider covers accidental total and permanent disability (ATPD) and 21 specified critical illnesses.
When the proposer and the life assured are different individuals, the rider covers the proposer’s death, accidental total and permanent disability, and 21 specified critical illnesses.
Subject to eligibility criteria and a minimum remaining premium payment term of five years, customers can opt for the rider either at policy inception or on a subsequent policy anniversary.
With this launch, SBI Life Insurance aims to strengthen its customer-focused protection portfolio and encourage disciplined financial planning, helping individuals pursue their long-term goals despite life’s uncertainties.
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