Family Income Benefit

Family Income Benefit (known as FIB), is a Term Life Insurance product, that as the name suggests, is designed to provide an income to dependants in the event of a claim, rather than a cash lump sum.

The sum assured is specified as an annual income. In the event of a claim the sum assured per annum is then payable from the date of the claim to the policy maturity date. Payments can be monthly, quarterly or annually. Income payments are, in fact, simply instalments of a lump sum (sum assured) and as such are not liable to income tax.