Family Income Benefit Rider
What is the Family Income Benefit Rider?
The Family Income Benefit Rider is a non-linked, non-participating rider that provides additional protection against accidental emergencies.
- Add the Family Income Benefit Rider to your base plan
- Get covered against the accidental demise
- Coverage against permanent total disablements
- Regular monthly income after a claim
- Buy at inception or policy anniversary
- Affordable premiums and flexible payments
- Get assured income plus tax benefits under Family Income Benefit Rider
Policy Type
Family Income Benefit Rider by Shriram Life Insurance
Policy Term
Up to 52 years
Minimum Premium
Depends on the coverage details and risk
Maturity Age
70 years
Features and Benefits of the Family Income Benefit Rider
Comprehensive protection
The Family Income Benefit Rider provides coverage against accidental demise and permanent total disabilities for maximum protection.
Monthly Payouts
Get the rider claim paid in monthly instalments to provide a regular and guaranteed source of income for you or your family.
Long-term Coverage
Enjoy coverage for up to 52 years for long-term protection against accidental contingencies.
High Sum Assured
You can choose the high sum assured levels going up to ₹50 lakhs for adequate coverage.
Affordable Premiums
The rider premiums are low and affordable, so you can add the rider at a nominal fee.
Flexibility
Choose from three premium payment tenures and four premium payment frequencies.
Eligibility Criteria for Family Income Benefit Rider
| Eligibility Criteria | Limits |
|---|---|
| Age Criteria | Entry Minimum: 18 years (age last birthday) Maximum: 65 years (age last birthday) |
| Maximum Maturity Age | Age 70 years |
| Policy Term | Minimum:5 years Maximum: 52 years |
| Premium Paying Term | Single Premium - Once Regular Premium - Equal to the chosen policy term Limited Premium - 5 years to 51 years |
| Premium Mode | Yearly, half-yearly, quarterly, monthly or once (Similar to the base plan's premium payment mode) |
What does the Family Income Benefit Rider Cover?
The Family Income Benefit Rider covers the risk of accidental demise or permanent total disability suffered in an accident. The rider provides coverage during the chosen tenure. If the policy holder suffers from any covered contingencies, the rider sum assured is paid as monthly income. The income is paid till policy maturity or for a minimum of 10 years, whichever is higher. However, no benefit is paid under the rider if the coverage tenure matures.
What does the Family Income Benefit Rider Not Cover?
The Family Income Benefit Rider does not cover premature demise for any reason except accidental injuries. Moreover, there are other exclusions wherein premature demise or disability suffered due to specified instances are not covered. Common examples include suicides, war or related perils, pre-existing conditions, nuclear contamination, criminal acts, alcohol or drug abuse etc.
Download Documents for Family Income Benefit Rider
The Family Income Benefit Rider documents are available online on the website of Shriram Life Insurance at www.shriramlife.com. You can easily download these documents for your use without having to visit the branch of the company. To download, go to the rider page on the website and find the brochure and endorsement links. Click the links and download the relevant documents for reference.
FAQs
What is the Family Income Benefit Insurance?
The Family Income Benefit Insurance is a rider that provides additional coverage against accidental deaths and disabilities. You can add the Family Income Benefit insurance to your base life insurance plan to extend the coverage against accidental emergencies.
For how long does the Family Income Benefit Plan provide coverage?
The Family Income Benefit Plan provides coverage for up to 52 years or till you reach 70 years of age, whichever is earlier.
Can I add the Family Income Benefit insurance to all Shriram Life policies?
You can add the Family Income Benefit insurance to non-linked Shriram Life Insurance policies. The rider is not available for linked life insurance plans.
What will be the maturity benefit under the Family Income Benefit Plan?
There is no maturity benefit under the Family Income Benefit Plan. If the rider matures, nothing is paid to the policy holder.