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Importance Of Waiver Of Premium Rider In Child Education Plan

Updated On Nov 23, 2021

A waiver of premium rider is an optional coverage that may be purchased to boost the value of your life insurance policy. This add-on ensures that your child continues to get all of the plan's advantages even if you are not there. In the event of an unanticipated event, such as injury or incapacity as a result of an accident, the waiver of premium add-on covers all future premiums that must be paid. It also ensures that any premiums paid are refunded if the lone earning member dies as a result of an injury or sickness.

Importance Of Premium Waiver Rider

In the case of an unanticipated catastrophe, a premium waiver is a supplemental option provided under Child plans to reimburse premium costs. Parents are the primary policyholders who must pay child insurance premiums on a regular basis. Consider the following scenario: you, the principal policyholder, are injured, killed, or paralysed as a result of a sad event. In this situation, the rider ensures that future premiums are eliminated as long as the coverage is maintained. The premium rider waiver ensures that the policy does not lapse and that the Child continues to receive the protection he or she requires to pursue his or her goals.

Premium Rider Waiver Benefits

It has a number of benefits that you should think about while purchasing the plan and its riders.

1. Protect Yourself Against Infections That Can Kill You

The waiver of premium rider aids in paying the remaining term's premium payments if the parent is diagnosed with a serious illness and does not survive the term. Cancer, heart attack, renal failure, and vascular disease are just a few of the serious illnesses that the rider protects you from.

2. Protection Against Disabilities

This rider ensures that if the parent becomes disabled as a consequence of an accident or other illness, all future premiums are waived. The handicap must, however, endure at least 6 months for this rider to work.

3. Premiums Are Reasonably Priced

A premium waiver rider is included in the majority of child insurance plans. If it isn't already included with the basic cover, it can be added for a little fee.

4. Ability To Choose A Rider With Some Flexibility

Despite the fact that most Child plans have a premium rider waiver, most policies allow for its removal or addition as needed. Maintaining the rider option, on the other hand, is only beneficial in emergency situations.

5. Advantages in Terms Of Taxes

The premium paid for term insurance, including the waiver of premium rider, is tax-free under Section 80C of the Income Tax Act of 1961. A tax exemption of up to Rs 1.5 lakh is available to you.


Individual life insurance policies are designed to help cover costs such as replacing lost income if you die. A child rider can be added to your policy to pay a death benefit if your child dies while you are covered. If your Child dies, a Child rider can help you pay for their funeral. You may also be able to take time off work as a result of it. You can add a Rider premium waiver to your policy for an additional cost. This rider guarantees that your coverage does not lapse as a result of a single unfortunate occurrence. You may ensure that your child's future is protected at all times by adding riders.

You may also like to read - Best Investment Plans for Girl Child in India

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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