News From Press Premium holiday & premium delay riders: Prevent your policy from lapsing with two add-ons

Premium holiday & premium delay riders: Prevent your policy from lapsing with two add-ons

Source: Financial Express Jul 6, 2024

One of the major reasons for poor adoption of term insurance is the apprehension that the policy will lapse in case one is unable to pay the premium on time. To address this fear, life insurance companies are now offering premium holiday rider and premium delay rider. The premium holiday rider can be selected at the time of purchasing the term plan by paying an additional premium. In case the policyholder is unable to pay the premium in any year, the rider gets activated and the policy does not lapse.

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