FAQs related to Family Income Benefit Rider
What is the Family Income Benefit Rider?
It offers monthly payouts in case of accidental death or disability of the life assured.
When and how can I opt for this rider?
You can choose this rider at policy inception or on the policy anniversary, if eligible.
How is the benefit paid under this rider?
1% of the Sum Assured is paid monthly for 10 years or till rider term ends, whichever is longer.
Is any benefit paid if the life assured survives till the end of the rider term?
No, the rider offers benefits only on accidental death or disability.
Can I buy or surrender this rider separately from the base policy?
No, it can only be attached to and discontinued with the base policy.
Is the benefit amount under this rider fixed or variable?
The monthly payout is fixed at 1% of the rider sum assured.
Will the rider pay benefits if the disability happens due to illness?
No, the rider covers only accidental total and permanent disability.
Can I revive the rider if it lapses?
Yes, but only along with the revival of the base policy.
Does the rider offer any loan facility?
No, loans are not available under this rider.
Are tax benefits available under this rider?
Yes, tax benefits may be available as per prevailing laws—consult your tax advisor.
What happens if both accidental death and disability occur—do both benefits get paid?
No, once the disability benefit is triggered, the accidental death benefit under this rider is automatically cancelled.
How is the monthly payout period determined under this rider?
Monthly payouts continue for the greater of either 10 years or the remaining rider term from the date of the accident.
Is the payout still applicable if the life assured survives after becoming disabled?
Yes, if the disability meets the defined criteria, monthly payouts continue even if the life assured survives.
