Is it useful to have a premium waiver facility in a life insurance policy?
Sita Kumar, Gurgaon
The waiver of premium feature is useful if you intend the life policy to mature at a certain date and have a specific use of the matured amount. So, child plans use this feature often, because the corpus continues to build up even if the parent dies. Sometimes, a waiver of premium can also become effective if you are diagnosed with a critical illness. I generally find waiver of premium a good rider or product feature to have.
