As name suggests this rider, waives payment of future premiums for a specific term, subject to certain conditions.
A
Waiver of Premium rider opted along with a children’s plan ensures the
policy stays in force to accumulate wealth for the child’s future, and
earns returns or benefits on the investment made in the policy. So even
in the event of any death or disability, your policy is taken care of.
It works its way towards building a corpus for your child’s education or
marriage, making it available at the time when it is actually required.
Most children’s plans offered by insurance companies come with an
inbuilt waiver of premium rider, if not they, could be individually
opted for too.
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