Income Benefit is an additional benefit that is payable in case of death or diagnosis of cancer of the life assured during the premium payment term. This benefit is available only to the policyholders of Wealth Plus Care variant and is payable if the policy is in force, excluding paid-ups.
The Income Benefit is the sum of all the regular premiums due under the policy after the date of death or diagnosis of cancer, as applicable. Each instalment of the Income Benefit is equal to one regular premium, and is paid on each premium due date for the remaining period of the premium payment term.
However, in case of death of the life assured after the claim has been paid for cancer and Income Benefit is triggered, no additional benefits are payable on death. All outstanding Income Benefits (if any) will be paid to the nominee in such a scenario.