Supplementary Benefit Riders

7. Income Benefit Rider

An insured may want to provide his/her beneficiaries with a monthly income apart from the lump sum that they will receive as a claim. The Income Benefit Rider (IBR) will provide a monthly income to the beneficiaries after the death of the insured. The payments will start from the date of death of the insured and will continue until the expiry date of the selected term of the Income Benefit Rider. The payments of the Income Benefit Rider are in addition to and independent of the benefits of the policy.

The amount of the monthly payments under the Income Benefit Rider is determined at the outset of the plan. This amount can be either up to 75% of the current monthly income of the insured or up to 50% of the Basic yearly premium for the policy, whichever may be less.

The rider can be taken for death only or for death and disability. The maximum age of entry for IBR Death only is age 60 years nearest birthday and age 55 years nearest birthday for IBR Death & Disability. The maximum age of expiry is 70 years nearest birthday. The minimum term for the rider is 10 years and the maximum term is 25 years.