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Important: As per Finance Act 2016, from 01st June 2016, due to introduction of Krishi Kalyan Cess @ 0.5%, service tax rates has been revised . Consequently, for unit linked plans, the additional service tax will be deducted in the form of units. For non-linked plans, there will be an increase in the policy premium amount.   Click here  to know more.

Is waiver of premium rider essential while buying child insurance


When taking an insurance plan for your child, it is important to make it fool-proof. ‘Waiver of premium’ rider ensures that you do just that.

As a parent you will always aim for the safety and security of your children. Ensuring their financial security with a good insurance policy is the first step towards planning your child’s future.

 
When it comes to your child’s insurance, riders are especially important. Riders are special options you can add to an insurance policy by paying an extra premium. There are a range of riders that you can add to an insurance policy. For example, there is the accidental death benefit, family income benefit, etc. When it comes to child insurance, however, ‘waiver of premium’ rider is the most important.
 
What is a waiver of premium rider?
·    Waiver of premium’ rider is an additional cover that you can buy to supplement your life insurance policy.
 
·    In case an unfortunate event makes a policy holder disabled or injured, the ‘waiver of premium’ rider will take care of the future premiums to be paid.
 
·    This rider ensures that the premiums to be paid are waived off in case you lose a source of income owing to an injury or illness.
 
Do you need it for your child’s insurance policy?
This rider is an important add-on to any life insurance policy. And in case of child insurance, it becomes extremely crucial.
 
Usually, as a parent, you are the primary policy holder of a child insurance policy, and pay the premiums. In case of an unfortunate event that affects you in any way, the ‘waiver of premium’ rider takes care of the premiums to be paid from then on. So you do not have the burden of paying the premiums, and your child remains protected.
 
Hence, by adding a ‘waiver of premium’ rider to your policy, you can ensure that the policy does not lapse due to the ill-effects of a single unfortunate incident. That way, you can rest assured that your child’s future is protected at all times.
 
Tip
  • Check the terms and conditions of the ‘waiver of premium’ rider before adding it to your child insurance policy

 

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