As an option to taking a term life insurance which pays out a lump sum on death, it is possible to have a policy that pays out regular, tax-free, monthly income to your dependants – from the time of the claim to the end of the plan term. This type of policy is called Family Income Benefit because it is intended to replace the income which the life assured would earn for their family if they were still alive. The term of policy payout is decided on the onset of the policy.
For example: Plan Term – 25 years. Time claim made – after 15 years. Benefits paid – for the remaining 10 years. For this reason, Family Income Benefit often costs less than life insurance.
This policy can be taken as Increasing Family Income Benefit, where the income benefit increases automatically, at a prearranged rate, during the term of the policy
leslyicdigitalFamily Income Benefit
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There are additional covers that can be added to Life Cover and these enhance the overall protection because Life Cover on its own does not cover eventualities like incapacity due to injury or illness or loss of income due to redundancy. So, one can take other cover over and above the life cover:
Every Diasporan originally from any of the following countries (by birth, by descent, by naturisation, by marriage, by registration) qualifies to be covered and you can cover yourself in the diaspora and your loved ones back home or anywhere in the world:
More and more countries will be added as we go along.
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