I am about to buy a life insurance policy and wish to understand more about the premium waiver facility.
Diwakar Rana, Lucknow
The premium waiver rider is a useful tool, especially when you are taking a policy for the future benefit of your child. Premium waiver is useful in child plans where future premium requirements are waived if a parent dies. This ensures that the child gets the maturity amount that was planned for even if the parent dies. This rider comes at an extra cost, and there are variants that are linked to terminal or critical illness. Check how the rider benefit will work before opting for it, as you can take on this rider only at the time of buying a new policy.
