FAQs related to Family Income Benefit Rider

There is no waiting period under the Family Income Benefit Rider scheme. You get coverage from the first day of the rider. 

The premium for the Family Income Benefit Rider depends on the sum assured and plan details selected. 

It is necessary for a medical practitioner to certify the disability so that the disability claim can be paid under the Family Income Benefit cover.

You can revive the Family Income Benefit cover if it has lapsed. However, the revival of the rider will be done with the base plan, not independently. 

The revival period allowed under the Family Income Benefit rider scheme depends on the revival period of the base plan. Usually, the period is five years.

The facility of loan is not available under the Family Income Benefit plan. Thus, you cannot get a loan against the rider.

The duration of the grace period for paying the missed premium depends on the base plan's grace period. Usually, for monthly modes of premium payment, the grace period is 15 days and for other frequencies, the grace period is 30 days. 

The Family Income Benefit will not pay any claim if the life insured dies in a bungee jumping activity. This is because the bungee jumping activity is a form of adventure sport. Such sports are not covered under the Family Income Benefit rider. 

You will have to pay the additional GST (Goods and Services Tax) on the Family Income Benefit cover premium.

The Family Income Benefit rider scheme provides additional financial assistance for accidental deaths or permanent total disabilities. The rider pays the additional benefit through monthly instalments for a minimum period of 10 years. This helps create a source of regular income and proves helpful. Thus, the Family Income Benefit rider scheme is a good cover that you can add to your Shriram Life plans and enhance their coverage.