Premium Waiver Benefit Rider helps keep an eligible child policy funded if the covered parent or buyer dies during the rider period. The benefit is relief from specified future premiums rather than a large cash payment at that time, so it should not be mistaken for full income replacement for the family.
Protect the child policy payment schedule
The parent or buyer has separate age rules, and the rider term depends on the remaining paying years and the child's age. Compare its expiry date with the last premium date of the main policy, because a difference between those dates can leave payments due after the rider has finished.
The rider expiry date needs a separate check
If a covered death claim is accepted, LIC forgives the eligible main policy premiums for the period promised by the rider, while other extra options need their own checks. Parents can read Amritbaal as an eligible child-plan example, but must still request and qualify for the additional rider.
Forgiven premiums are different from a cash claim
Suppose the eligible yearly premium is thirty thousand rupees and five future payments fall inside the covered waiver period. That would remove one lakh fifty thousand rupees of those payments, rather than put that amount into the child's bank account; any premiums beyond the rider's expiry need separate attention.
FAQ
Q: Does Premium Waiver Benefit Rider cover a parent losing employment?
A: No. The benefit described here follows the covered parent or buyer's death under the rider terms. A loss of work alone does not activate this waiver.
Q: Can a child policy still need premiums after the waiver rider ends?
A: Yes. If the main policy paying schedule runs beyond rider expiry, later premiums can remain payable. Check the two end dates before assuming every future payment is covered.
Q: Can this waiver rider be added late in the child policy?
A: Eligible later attachment depends on the base plan and rider rules, including enough remaining paying years. Ask LIC to confirm the permitted date rather than assuming it can be added anytime.