Riders refer to the extra protection or additional benefits that you can add up to your basic life insurance plans by paying an extra amount.
There are several riders available with life insurance such as Accidental Death Benefit Rider, Accelerated Death Benefit rider, Total Permanent Disability rider, Critical Illness Rider, Income Benefit Rider and Terminal Illness Rider. In this article, we will learn about Income Benefit Rider.
As per the word income, the income benefit rider provides monthly income to the policyholder under the following circumstances:
If the policyholder falls under these circumstances and is unable to earn for more than six months of tenure. The income Benefit rider offers the regular income until the policy term, according to the plan which supports the customer to cover living expenses and maintain their current lifestyle.
The following is a list of people who should opt for an income benefit rider:
The Eligibility criteria for income benefit rider are as follows:
Terms | Eligibility |
Age Limit | 18-65 years |
Max Maturity age | 70 years |
Sum assured | Same as the base Plan |
Coverage | Same as the base plan |
Premium Paying features | Same as the base plan |
Following is the list of benefits of income benefits riders:
Following is the list of exclusions of the income benefit rider:
Suicide
Self-inflated injuries
Pre-existing disease
Use of alcohol, drugs, etc
Injuries due to war, terrorism, riots etc
Participating in any adventure sports: underwater, sky-diving etc.
The income benefit rider provides an extra layer of protection to your basic life insurance plan. It gives you financial freedom in events like disability, critical by paying a regular monthly income to maintain your current lifestyle without any hassle. Adding an income benefit rider to your life insurance plan is like adding an extra safety net for your financial planning for a more secure future.
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Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.