What is a Waiver of Premium Rider?

Waiver of the Premium Rider: If a policy holder is under any circumstances unable to pay his premiums (falls seriously ill or dies), the policy still remains active. The time period of premium waiver might vary depending on various product terms and conditions. The premium on this rider is set in accordance with the premium being paid on the base policy and other riders, if any. This rider proves to be most beneficial in case the premium on the base policy is relatively high or in products such as Child Plans where the purpose of the policy is long term savings to secure your child’s future.

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