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Shriram Life Insurance Family Income Benefit Rider

Published On Apr 29, 2021 1:01 PM By InsuranceDekho

A family income benefit rider provides a regular sum to your family, after your death. It acts as their regular income for financial stability and sustainability. The Shriram Life Insurance Family Income Benefit Rider is one such rider and is available with Shriram Life Insurance plans. 

Riders are a beneficial and low-cost way of adding extra protection through your insurance plan. They enhance the already existing features of the insurance plan and also, redirect its cover to a specific circumstance. Rider benefits are paid out along with the basic sum assured and are of great help.

Features of the Shriram Family Income Benefit Rider

Here are the features of the Shriram Life Insurance Family Income Benefit Rider:

1. Circumstances When Benefit Is Payable

The Shriram Life Insurance Family Income Benefit Rider provides the policyholder with an additional cover, either in case of death or disability. 

2. Payout Method

The sum assured under this rider is paid out in the form of monthly instalments. It rightly upholds the nature of an income which is greatly beneficial for your family members in case you cannot provide for them anymore.

You may also like to read:- What Are Riders In Life Insurance Plans?

3. Premium Amount

Rider premiums are usually extremely low-cost and are at a nominal sum. The same applies to the Shriram Life Insurance Family Income Benefit Rider but with the condition that all the premiums under all the riders shall not exceed 30% of the basic premium when put together.

4. Purchase Time

You can purchase this rider at the time of inception of the base insurance plan or during its policy anniversary.

Benefits of the Shriram Life Insurance Family Income Benefit Rider

This plan pays out a few important benefits. Here is more on them:

1. Circumstances Payable

This rider pays out in case of accidental death or total permanent disability of the policyholder. It is subject to the condition that the plan was active at the time of occurrence of the incident.

2. Amount Payable

If the policyholder is subject to any of the above circumstances before the rider term is over, 1% of the sum assured is paid out every month. This is carried out till the end of the policy term or for ten years, whichever comes earlier from the date of the incident.

3. Maturity Benefits

Unfortunately, there are no maturity benefits in case the policyholder does not face any of the aforementioned circumstances during the policy term. 

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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