Policy snapshot
A term life policy where the claim is paid as monthly income, lump-sum or a combination of both.
What is Term Insurance with Income Benefit?
Term Insurance with Income Benefit allows the nominee to receive regular monthly income, optionally combined with a lump-sum, after the insured’s death.
What can it cover?
- Life cover during policy term
- Monthly income payout, lump sum or hybrid
- Optional riders for CI and accident
Who should consider it?
- Families who rely on monthly household income
- Individuals who want structured support rather than a single large payout
Key features to understand
- Helps manage monthly expenses after loss of income
- Customisable income period and structure
What deserves attention before you buy?
Coverage, exclusions, sub-limits, deductibles, waiting periods, warranties and underwriting can vary between insurers and policy versions. The policy wording and schedule remain the definitive contract. Novo can help you review the relevant terms for your requirement.
Read the wording, not just the brochure
The schedule and policy wording determine the actual contract.
Compare meaningful differences
Look at exclusions, limits, deductibles, conditions and claim requirements—not premium alone.
Think beyond purchase
Servicing and claims-related support can matter as much as placement.
Frequently asked questions
Usually the option is fixed at policy issue; depends on the insurer.