Premium Waiver Benefit – (PWB)

If the Life Assured becomes Totally and Permanently Disabled due to accident during the policy period, as defined below, provided policy is in force and all due premiums are paid, the future premiums (equal to the PWB sum assured) will be waived off and the basic policy will continue to be in force with usual features subject to undermentioned conditions.

Rider Availability on Basic Policy & Maximum Sum Assured

This PWB rider is available to with Mahalaxmi Saral Jeevan Beema, Mahalaxmi Barshik Dhanfirta Beema, Mahalaxmi Sawadhik-Ajeevan Beema and Mahalaxmi Jeevan Surakshya Beema.

The PWB sum assured shall be equal to basic sum assured of base policy or 1,00,00,0000 (one crore) whichever is lower and it shall be taken along with ADB and PTD riders.

Conditions and Definitions:

1.    “Accident” shall mean an event or contiguous series of events, which are violent, unforeseen, involuntary, external and visible in nature, which causes Bodily Injury.

2.    “Bodily Injury” means Injury must be evidenced by external signs such as contusion, bruise and wound except in cases of drowning and internal injury.

3.    “Total and Permanent Disability due to accident” refers to a disability, which:

a. is caused by Bodily Injury resulting from an accident, and
b. occurs due to the said bodily injury, directly and independently of any other causes, and
c. occurs within 183 days of the occurrence of such accident which triggered the disability, but before the expiry of the cover, and
d. completely, continuously and permanently prevents the Life Assured from engaging in any work, occupation or profession to earn or obtain
   any wages, compensation or profit, such condition to persist for at least 183 days from the date of disability, and
e. the loss of use both arms, or of both legs, or of one arm and one leg, or of both eyes, shall be considered total and permanent disability,
   without prejudice to other causes of total and permanent disability.

4.    “Loss of use of an arm or a leg” shall mean loss of use or physical severance of the arm at or above the wrist or physical severance of the leg at or above the ankle which:

a. is caused by bodily injury resulting from an accident, and
b. occurs due to the said bodily injury, directly and independently of any other causes, and
c. occurs within 183 days of the occurrence of such accident but before the expiry of the cover.

5.    “Loss of an eye” shall mean total and irrevocable loss of sight of an eye which:

a. is caused by bodily injury resulting from an accident, and
b. occurs due to the said bodily injury, directly and independently of any other causes, and
c. occurs within 183 days of the occurrence of such accident but before the expiry of the cover.