Family Income Benefit (known as FIB), is a Term Life Insurance product that, as the names 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 a claim to the policy maturity date. Payments can be monthly, quarterly or annually. Income payments are simply instalments of a lump sum (sum assured) and as such are not liable to income tax.
Many companies will allow the income to be exchanged for a cash lump sum at claim if required.