Income Protector Clause Samples
The Income Protector clause is designed to provide financial support to an individual in the event that they are unable to earn income due to specific circumstances, such as illness, injury, or disability. Typically, this clause outlines the conditions under which payments will be made, the duration of coverage, and any exclusions or waiting periods that may apply. Its core practical function is to safeguard the policyholder’s financial stability by ensuring a steady stream of income during periods when they are unable to work, thereby mitigating the risk of financial hardship.
Income Protector. Subject to the Company accepting its liability against the claim under section 2.1 of this Policy and in consideration of additional premium received from the Policy holder/ Insured Person at the time of issuance of the Policy, it is hereby understood & agreed that in the event of Insured Person loses his job due to Critical Illness covered under this policy the Company shall, in addition to the Sum Insured also pay the amount as prescribed in the Policy Schedule/ Certificate of Insurance upto specified number of months as specified in Policy Schedule/ Certificate of Insurance as income to the insured person. Precondition: Claim under this cover is payable only when the claim under section 2.1 under this policy is payable. For eligibility under this cover the job of the Insured Person must be Permanent and not temporary or casual or seasonal or contractual or off roll and the Insured Person must be employed in that permanent job at the time of inception of the Policy and 90 days immediately following thereafter within the Policy period including the day of inception of the Policy. The Insured Person has to provide all the documentary evidences of such loss of Job The Company shall, in case it deems fit to do so, shall have the discretion to even pay all the specified monthly income benefits as mentioned in the Policy Schedule/ Certificate of Insurance in lumpsum instead of monthly. The Company shall not be liable to make any payment under this Section in event the Insured Person unemployment is a consequence of his Termination, dismissal, suspension because of his involvement in any act of dishonesty and/or fraud and/or poor performance on the part of the Insured Person and/or his willful violation of any rules of the employer and/or laws for the time being in force and/or any disciplinary action against him by the employer. The Company shall not be liable to make any payment under this Policy: o If the Insured Person is a Self employed persons during the entire Policy Period; o During the entire Policy Period in case of any claim relating to unemployment from such job which is casual, temporary, seasonal or contractual in nature or any claim relating to an employee not on the direct rolls of the employer; o In case of voluntary unemployment due to resignation during the entire Policy Period; o In case of unemployment at the time of inception of the Policy Period or unemployment arising within the first 90 days of inception of the Policy Period...