What is a Waiver of Premium Rider in a Child Education Plan?

As a responsible parent, your concern regarding the financial security of your child is legit. Hence, if you are thinking to buy a child education plan, you must consider adding a waiver of premium rider to it. This way you can ensure continuity of the plan in case of any uncertainty.

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What is a Child Education Plan?

A child education plan is a combination of insurance and investment. It safeguards your child's future against life's eventualities and helps you build a corpus for his/her financial needs as he/she grows.

Therefore,  this rider takes care of all the financial needs of your child at every crucial stage of his/her life, even if you fail to pay the policy premiums.

As a parent, one of your most significant goals would be to make sure that your children have a bright future and lead their lives comfortably. A child education plan with a waiver of premium rider can help you achieve this goal.

What is a Waiver of Premium Rider?

A child education plan would normally lapse upon the non-payment of the premium. If a waiver of premium rider is added in the base plan, the policy remains in force in case of failure of premium payment due to disability or demise of parents.

In other words, the rider waives off premium payments in case you are unable to make a living and eventually fail to pay regular premiums. The insurance company will pay the remaining premiums on your behalf after considering your disability to earn money or demise.

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Importance of Waiver of Premium Rider

Waiver of premium rider is the most essential add-on for your child’s education plan. As a parent and a policy buyer, when you buy a child insurance policy, you become the primary policyholder and are liable to make premium payments.

In case of non-payment of premiums due to an accidental disability or demise, the rider takes care of the remaining premiums till the end of the policy tenure. That's how it rescues you in securing your child's future in times of crisis.

As a parent, if you don't want even a single mistake in your financial planning for your child's future, you must consider buying a child insurance plan.

Eligibility Criteria for a Waiver in Child Insurance Rider

You will be considered eligible if you meet the below-mentioned criteria:

Parameters Eligibility
Minimum Entry Age 18 years
Maximum Entry Age 65 years
Maximum Maturity Age 70 years

Benefits of Waiver of Premium Rider 

You can avail following benefits with a waiver of the premium rider as an add-on to your policy:

  1. Protection Against Critical Illnesses

    In an unfortunate instance, if the policyholder dies due to critical illness during the policy tenure, the waiver of premium rider helps to continue the policy. The rider offers protections against critical illnesses, to name a few these are, kidney failure, heart attack, cancer, and vascular disease.

  2. Protection Against Disability

    The challenge with a child education plan is, if the policyholder gets disabled or dies in an unfortunate event, then the future of his/her child and the entire family comes at stake. The rider then comes as a rescue and waives off the future premiums against the child education plan.

  3. Cost-Effective Premium

    Many insurance companies provide a waiver of premium as an in-built add-on to the child's education plan. If your insurance plan doesn't have an inbuilt option, you can add this rider by paying an additional premium. This will be pocket-friendly and enhance the overall coverage of your plan.

  4. Flexible Rider Option

    Almost all the child education plans come with an in-built waiver of premium rider, many insurance providers offer an option of its removal or addition as per the policyholder’s convenience. However, keep its benefits in mind before removing it from your child's education plan.

  5. Tax Benefit

    The child education plan does not come without tax benefits. The premium paid for the plan and the rider is exempted from the tax deductions under section 80C of the Income Tax Act, 1961. The benefits received from the rider are also exempted from tax deductions under section 10(10D) of the Income Tax Act, 1961.

Exclusions under Waiver of Premium Rider in Child Education Plan

You will not be able to avail the benefits of this rider in the child education plan if the disability is caused by:

  • Suicide or self-inflicted injury -

  • HIV

  • Any congenital infection

  • Your participation in war, invasion, riots or commotion, hostilities, strikes

  • Your participation in any criminal activity

  • Nuclear contamination

  • Your participation in hazardous pursuits, to name a few these are martial arts, hunting, diving, and bungee-jumping.

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Wrapping it Up

As a parent, you wish that your child remains healthy, happy, and financially secure for their entire life. You do every possible thing to make opportunities accessible to them so that they can prosper high. With the help of a child education plan you can provide your child with a financially secure future. Moreover, if you will add a waiver of premium rider, it will be a cherry on top of the cake. However, before adding a waiver of premium rider in your plan, make sure to check the eligibility criteria and terms and conditions mentioned in the policy document.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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