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Is Waiver of Premium Rider Essential While Purchasing A Child Insurance?

Published On Oct 19, 2021

As a parent, you will always prioritize your children's protection and security. The first step toward planning your child's future is to ensure their financial stability with a suitable insurance policy. 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. An insurance policy can be customized with a variety of riders. There's the accidental death benefit, the family income benefit, and so on. However, when it comes to child insurance, the waiver of premium rider is crucial. As a result, you may rest assured that your child's future is secure.

Are Riders Required For Your Child's Insurance Policy?

This is a crucial addition to any life insurance coverage. It is especially important in the case of child insurance. You are usually the principal policyholder and pay the premiums for child insurance coverage as a parent. The waiver of premium rider takes care of the premiums that must be paid from then on in the event of an unexpected incident that affects you in any manner. As a result, you won't have to worry about paying the premiums, and your child will be protected. As a result, by including a waiver of premium rider in your policy, you may ensure that your coverage does not lapse as a result of a single sad event.

List Of Common Riders Available 

The following is a list of the most common riders who have chosen child plans.There are several typical life insurance riders that you can add to your child's policy:

1. Benefits For Accidental Death And Disability

This Rider provides an additional death and disability payment to the policy's nominees or you if you die, lose a limb, or become incapacitated due to an unforeseen circumstance.

2. Term Rider For Children

This Rider gives a benefit of essential expenses if  the child dies before reaching a certain age.

3. Rider For Critical Illness

This Rider adds coverage to the policy for a predefined disease.

4. Rider For Term Conversion

This Rider gives you the option of converting term insurance into a complete policy at the end of the policy period.

5. Rider for Income Benefits

It entitles the child to a monthly payment of 1% of the rider's sum assured in the event of the parent's death, permanent disability, or the parents' contracting any specified illness as outlined in the policy.


Individual life insurance policies are designed to help cover expenditures 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. It can also provide you with the opportunity to take some time off from work. Adding a Rider of premium waiver for an additional fee will give your policy a boost. This rider will ensure that your coverage does not lapse as a result of a single unlucky event. You can feel confident that your child's future is safeguarded at all times by adding riders, and that they will look after your child's needs through difficult times or even when you are not around.

Also read - Financial Planning for Your Child with a Child Life Insurance Plan

What Is Covered Under 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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