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Essentially, the company will forgo future premiums, while retaining policy benefits as previously, for a stipulated period.

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Essentially, the company will forgo future premiums, while retaining policy benefits as previously, for a stipulated period.

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A waiver of premium provision in a life insurance policy excuses the payment of future premiums in the event that the insured (or owner of the policy, if different) becomes disabled from working and is rendered unable to pay the premiums. Stated otherwise, it may be analogized to a form of disability coverage which has as its benefit the payment of the life insurance premium.

The waiver of premium of rider is an option that may be offered at the inception of the life policy and for which an additional premium is charged. It will specify the nature and extent of the disability that needs to be sustained in order to trigger the benefit, and its duration. The insurer may require periodic medical proof of an ongoing disability that meets the requirements of the rider.

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Premum waiver benefit is available in certain LIC policies provided you have paid regular premiums for 3 years or more. In this option by paying extra premium you can get the premium waived off from the date of one's demise till your nominee becomes eligible to avail benefits.

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Keyman insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the employee and the benefit, in case of a claim, goes to the employer.

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