Family Income Benefit (Plan Code-24)

Family Income Benefit (Plan Code-24)

Salient Features of Family Income Benefit :

  • This policy will not participate in profits
  • Minimum age at entry: 18 years
  • Maximum age at entry: 53 years
  • Maximum maturity age:77
  • Policy Term:24 years
  • Premium Payment Term:12 years
  • Minimum Yearly Premium: Rs.25,000
  • Maximum Yearly Premium: No Limit(According to the financial condition of the lfie to be assured).
  • Premium Paying Mode: Yearly

1)Survival Benefits:

     a. Lump Sum Benefit(LSB):

Lump Sum Benefits(LSB) would be paid at the end of premium paying term in case of policyholder’s survival.

The LSB would be equal to:



(Age at entry)

Annual Premium
upto Rs.150,000.00 Above Rs.150,000.00 to

Rs. 300,000.00

Above Rs.300,000.00
13 to 30 50{ed3089be3df91177b12c482ac353d7884488b464d5dc5f3fe39cde1d24258326} of annual premium 60{ed3089be3df91177b12c482ac353d7884488b464d5dc5f3fe39cde1d24258326} of annual premium 75{ed3089be3df91177b12c482ac353d7884488b464d5dc5f3fe39cde1d24258326} of annual premium
31 to 40 25{ed3089be3df91177b12c482ac353d7884488b464d5dc5f3fe39cde1d24258326} of annual premium 30{ed3089be3df91177b12c482ac353d7884488b464d5dc5f3fe39cde1d24258326} of annual premium 38{ed3089be3df91177b12c482ac353d7884488b464d5dc5f3fe39cde1d24258326} of annual premium
41 to 53 10{ed3089be3df91177b12c482ac353d7884488b464d5dc5f3fe39cde1d24258326} of annual premium 12{ed3089be3df91177b12c482ac353d7884488b464d5dc5f3fe39cde1d24258326} of annual premium 15{ed3089be3df91177b12c482ac353d7884488b464d5dc5f3fe39cde1d24258326} of annual premium

b. Regular Income Benefit(RIB):

Incase the policyholder survives till the end of the premium paying term(PPT), the RIB would be paid. Such RIB would be paid in 12 installment in annual basis.

-The installment of RIB would be started one year after the end of PPT.

-The 12 installments of RIB would be as follows:


Regular Income Benefit(RIB) Payable Amount
1 to 11 installment IBM*×Annual Premium
12th Installment 5×IBM×Annual Premium

*Income Benefit Multiplier(IBM)

2)Death Benefits:

Incase of death of the policyholder during the PPT, the Lump Sum Benefit(LSB) and Regular Income Benefit(RIB) would be paid as follows:

  1. a) Lump Sum Benefits(LSB):

                    As mentioned above in Table A, LSB benefits would be paid immediately.

  1. b) Regular Income Benefits(RIB):

As mentioned above in Table B, the first installment would be paid immediately with remaining

installment payable at one year interval thereafter.

Incase, policyholder dies after the end of PPT(after start of RIB), the RIB would continue till the payment of final installment.


  • ADB,PTD with additional price

(SA of Riders=12 times of premium)

Accidental amount equal to the Sum Assured or as agreed with the Hannover Re from time to time.

Accidental Death Benefit(ADB)

The rider provides a lump sum benefit on death due to an accident any time during the premium paying term of the policy.

Total Permanents Disability Benefit(TPD)

The rider provides a monthly income benefit in case of the life insured becoming totally and permanently disabled due to an accident during the premium paying term of the policy.

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