Reliance Life Insurance Family Income Benefit Rider - Features, Benefits
Table of Contents
Reliance Life Insurance Family Income Benefit rider is available for the life assured under the base policy, on payment of surplus premium over the base policy premium. The rider term is usually lower than or equal to the policy term of the base plan if taken at the outset with the base plan. The rider term will usually be less than or equal to the outstanding base policy term if taken subsequently at the policy anniversary of base policy subject to a minimum of 5 years.
Best Features of Reliance Life Insurance Family Income Benefit Rider
The key features of Reliance Life Insurance Family Income Benefit Rider are as follows-
- Monthly Income Benefit- The life assured receives monthly income benefit in the event of total and permanent disability.
- Cost Friendly- The plan is an economical way to safeguard your family against financial liabilities
- Income Benefit- The life assured receives monthly income i.e 1% of rider sum assured every month on disability due to an accident or illness or death, to the end of the term or 10 years whichever is later.
- Tax benefits- The main tax benefits under the plan include deductions under 80 C & 10 10(D) of the Income Tax Act, 1961.
Key Benefits of Reliance Life Insurance Family Income Benefit Rider
The best benefits provided by Reliance Life Insurance Family Income Benefit Rider are the following-
Death Total and Permanent Disability on Occurrence Of Accident Illness
The family of the life assured receives a monthly income equal to 1% of the rider sum assured per month. This monthly income is payable by the insurer from the date of death or total and permanent disability up to the end of rider policy term Or for a term of10 years, whichever is later.
Premium of Reliance Life Insurance Family Income Benefit Rider
The premium of the rider is payable over and above the premium paid under the base plan and must be paid along with the premium under the base plan, as mentioned in the base plan. Premiums can be paid in yearly mode, half yearly mode, quarterly mode or monthly mode. The mode of rider premium can be changed only on the base plan policy anniversary and only during the change in base plan premium frequency. The premium rates under the rider are guaranteed throughout the rider tenure.
Main Exclusions under Reliance Life Insurance Family Income Benefit Rider
- The Company will not pay any claim under the rider within 3 months from the commencement of the rider or revival of the rider whichever is later. This exclusion is not applicable if the claim is sanctioned on the occurrence of an accident, subject to section (b) below.
- The company is not liable to pay any claim due to accidental death or total and permanent disability claims which results directly or indirectly from any one or more of the following activities -
- An act or attempted act of self-injury
- Participation in any criminal or illegal act
- Being under the influence of alcohol or drugs except under prescription of a registered medical practitioner
- Racing or practicing racing of any type other than on foot
- Flying or attempting to fly in, or using or attempting to use, an aerial related device of any characteristics, different than as a fare paying passenger on a recognised airline.
- Participating in any kind of riot, strike or civil commotion, active military, naval, air force, police or similar service.
- War, invasion, act of foreign enemies, hostilities or war like activities, civil war, mutiny, military rising, insurrection, rebellion, military or usurped power or any act of terrorism or violence.
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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.
