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PERMANENT DISABILITY RIDER AND

WAIVER OF PREMIUM

Presented by:

Vora Bhavish Roll No.19

Dabhi Vishwajeetsinh Roll No.20


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WHATISDISABILITY?

According to world health organization,

Disabilities are an umbrella term, covering impairments,

activity limitation, and participation restriction. Impairment is a

problem in a body function or a structure, an activity limitationis difficulty encountered by an individual in executing a task or

a action, while a participation restriction is a problem

experienced by an individual in a involvement in a life

situations.

Thus, disability is a complex phenomenon. Reflecting an

interaction between features of a persons body and feature of

the society in which he or she lives.


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As a result of disease, illness or injury the Life Assured becomes

totally and permanently unable to perform at least three of the

following six Activities of Daily Living.

Transferring: the ability to move from a bed to an upright chair or

wheelchair and vice versa.

Mobility: the ability to move indoors from room to room on level

surfaces

Toileting: the ability to use the lavatory or otherwise managebowel and bladder functions so as to maintain a satisfactory level

of personal hygiene


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Dressing: the ability to put on, take off, secure and

unfasten all garments and as appropriate, any braces,

artificial limbs or other surgical appliances

Washing: the ability to wash in the bath or shower

(including getting into and out of the bath or shower) orwash satisfactorily by any other means

Feeding: the ability to feed oneself once food has been

prepared and made available


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DISABILITYINCOMEINSURANCE

Disability income insurance provide regular cash income

lost by employees as a result of an accident or illness

Many people who insure their house, cars, and other

property fail to insure their most valuable resources; their

earning power.

Disability can cause even greater financial problems than

death. In fact a disability is often called the living death .


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DISABILITYINSURANCETRADEOFF

Waiting or elimination period

Duration of benefits

Amount of benefits

Accident or illness coverage

Sources of disability income

Employer

Social security

Workers compensation


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KEY PROVISIONS FOR TOTAL AND PERMANENT

DISABILITY BENEFIT

1. Termination

This benefit shall terminate on the earliest occurrence of the

following:

the date the Policy terminates;

the Benefit Cessation Date of this TPD Benefit; the installment premium for this TPD Benefit is not paid within

the Grace Period for its payment;

The date on which the Death Benefit or an advancement of the

Death Benefit is paid in full; or the date on which the TPDBenefit or an advancement of the TPD Benefit of an equal or

higher Sum Assured is paid in full.


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2. Exclusions

The TPD Benefit shall not be payable under this Policy in the

following events:

attempted suicide;

self-inflicted injury or illness, while sane or insane;

any condition or illness which existed or was existing or the cause

or symptoms of which existed or were evident, or any condition or

illness which the Life Assured suffered or was suffering from prior

to the Policy Issue Date, the Benefit Commencement Date of the

TPD Benefit, or the date of the last reinstatement of the Policy or

this TPD Benefit, whichever is the latest, unless that condition orillness had been declared to the Company;


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injuries sustained during travel on any type of aircraft except a

fare-paying passenger or a crew member of an international

airline operating on a regular scheduled passenger light of a

licensed commercial aircraft;

where the Life Assured is actively participating in war (declared

or undeclared), civil war, war-liked actions and/or acts of

terrorism; or

when the disability of the Life Assured is directly or indirectlycaused by, resulting from or in connection with the use of nuclear,

biological and chemical weapons in any act of war, civil war, war-

liked actions and/or acts of terrorism in any of the following

states: Bahrain, Egypt, Iran, Iraq, Jordan, Kenya, Kuwait,Lebanon, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sri

Lanka, Syria, United Arab Emirates and Yemen.


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3. Proof of Claim

Even if satisfactory proof of the Total and Permanent Disability

has been received and accepted and the claim for TPD Benefit

has been admitted, further it is claim against proof ofcontinuing Total and Permanent Disability to be furnished from

time to time.

Stop paying the TPD Benefit if:

(a) Satisfactory proof of continuing Total and Permanent

Disability cannot be furnished; and/or

(b)The Life Assured becomes able to perform any work or

engage in any occupation or profession to earn or obtain anywages, compensation or profit.


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WAIVEROFPREMIUM

Waiver of premium is a rider which can be attached to an

insurance policy, ensuring that the policy will continue to be in

effect even if the policyholder experiences a loss of income.

These premiums are most classically used in life insurance so

that the policy will fully mature and be available to the survivors

of the policyholder when he or she dies. They may also be rolledinto disability insurance policies, and other types of insurance.

When someone has a waiver of premium rider, it means that he

or she will be allowed to stop making payments on the policy in

the event of loss of income. The loss may be temporary, as mightbe the case when someone is sick or unemployed, or permanent,

in the instance of a disability. In either case, the policy will

continue to remain in effect even though the premiums are not

being paid.
http://www.wisegeek.com/what-is-an-insurance-policy.htmhttp://www.wisegeek.com/what-is-disability-insurance.htmhttp://www.wisegeek.com/what-is-disability-insurance.htmhttp://www.wisegeek.com/what-is-an-insurance-policy.htm


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RIDERSWITH LIFE INSURANCE POLICIES

Riders are add-on benefits that can be purchased along with the

basic life insurance policy that enhances or adds some benefitswhich might not be present in the original plan.

It helps the insurance companies to offer flexibility and the option

of customization in the policy to customers

With a host of riders, the customer can now choose to effectively

tailor the plan as per his/ her requirements. Since these riders

come at an additional cost, the customer should carefully evaluatethe benefits while taking on these add-ons benefits.


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SOME OF THE RIDERS OFFERD BY

INSURANCE COMAPNY

Increased Death Benefit

Accidental Death Benefit

Permanent Disability Benefits

Waiver of Premium Benefit Critical Illness or Dreaded Diseases benefit


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THANK YOU

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