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Family Income Benefit

Family Income Benefit (FIB) is a type of life insurance policy designed to provide financial support to a policyholder’s family or beneficiaries in the event of the policyholder’s death. Unlike traditional life insurance policies that pay out a lump sum, FIB pays a regular, tax-free income to the beneficiaries for a predetermined period after the policyholder’s passing. This income can help replace the lost earnings of the policyholder and support the family’s financial needs, such as daily expenses, mortgage or rent payments, and education costs.

Family Income Benefit is often chosen by individuals who want to ensure that their loved ones have a steady and predictable source of income in the event of their death, rather than a lump-sum payment that may need to be managed over time. It provides a structured and reliable financial safety net for beneficiaries during a challenging period. Policyholders can customise the policy by selecting the amount of coverage, the length of the payout period, and other terms to suit their family’s specific needs.