What is income protection insurance?
Income protection insurance is a Monthly income benefit when you are jobs less. it pays 75% of your income until you go back to work. if not get works up to 65 years depending on your occupation.Covers illness and Accidents. pays when you are incapability to work due to illness and Accidents.
If insured person pay the premium for 8,15,25 years continuously After maturity (25 years) insured person gets and fixed income monthly. depending on the sum Assured, policy term and Premium.
What it (income protection insurance) covers and doesn’t?
It depends on the sponsoring company, we have to look at product features, Company product description page provides below.
- Only pays you if unemployed by illness or Accidents.
- Illness by drug, Alcohol consumption and pregnancy does not cover under the policy.
- Change of occupation or unemployment policy may become invalid
Income protection insurance Features
- Insurance Loan Available
- Death benefit
- Maturity benefit
- Lump sum or monthly payout After maturity.
Income insurance companies (providers) in India
Is Income protection insurance Available In india?
The Answer is yes, But they many terms may vary to other companies. wisely check product description for each insurance companies.
income insurance India Now Available with 6+ Companies one of them is Public sector SBI Insurance, May be Idbi also.
- Max Life guaranteed life income plan http://www.maxlifeinsurance.com
- Sbi Life Not Available from 1st January 2014. sbi life plans
- Citibank BSLI vision life plan here.
- Aviva New Family Income Builder More info
- Tata Aig Income Guard Policy Read More.
- Pnb met life (Punjab national bank) Met Monthly Income Plan read more
- HDFC Life Super Income Plan Read more on Hdfc.
|idbi income insurance india
Detailed information about idbi Available in idbi insurance page on this website insurancetalk.in.