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Is Waiver Of Premium Rider Best Suitable For Child Insurance Policy

Updated On Feb 10, 2022

Riders are especially crucial when it comes to your child's insurance. Riders are optional features that can be added to an insurance policy for an additional fee. A variety of riders can be added to an insurance policy. A premium waiver is an additional option available under child insurance to cover premium payments in the event of an unanticipated occurrence. Parents are the primary policyholders who must pay child insurance premiums on a regular basis. Consider the following scenario: you, the principal policyholder, are the victim of a sad event that renders you incapable, injured, or death. In such an event, this rider ensures that future premiums be waived as long as the coverage is maintained. The waiver of the premium rider ensures that the insurance does not lapse and that the child continues to receive the necessary protection to pursue his or her aspirations.

The Benefits of Premium Rider Waiver

It offers various benefits that you should consider while purchasing the plan and its riders.

1. Protection against potentially fatal diseases

If the parent is diagnosed with a serious disease and dies before the end of the term, the waiver of premium rider helps to cover the remaining term's premium payments. Cancer, heart attack, renal failure, and vascular disease are just a few of the serious illnesses against which the rider protects you.

2. Protection from disability

This rider ensures that if the parent becomes disabled as a result of an accident or other illness, all future premiums are waived. However, in order for this rider to be able to work, the handicap must last at least 6 months.

3. Premiums are reasonably priced.

A premium waiver rider is included in the majority of child insurance policies. If it is not available, it can be added for a little fee to the regular cover.

4. Flexibility in choosing a rider

Although most child plans feature a premium rider waiver, most policies enable for its removal or addition as needed. Keeping the rider option, on the other hand, is only beneficial in emergency situations.

5. Benefits from taxation

The premium paid for term insurance, including the waiver of premium rider, is exempt from tax under Section 80C of the Income Tax Act of 1961. You are eligible for a tax break of up to Rs 1.5 lakh.


Individual life insurance policies are designed to help cover expenditures such as lost income in the case of your death. 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. It can also provide you the option of taking time off from work. You can supplement your insurance by adding a Rider of premium waiver for an additional fee. This rider ensures that your coverage does not lapse as a result of a single unfortunate event. You may ensure that your child's future is protected at all times by adding riders.

Also Read: Advantages One Can Avail Under A Child Life Insurance Policy

Some Factors You Should Consider Before Purchasing A Child Life Insurance Policy

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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