IGI Logo

Term insurance provides life cover for a fixed duration and offers financial aid to your spouse, parents and children in case of an unforeseen event. That’s why, we discuss the benefits of term insurance, so you can take an informed decision for your family’s financial security.

Reason 1: Your family is financially secure -Term insurance plans ensure your financial stability and offers a financial blanket to your family. An unpaid loan, college fees for kids, financial aid for spouse and parents can easily be covered by a term plan. It takes care of your family’s lifestyle in your absence. Thus, ensuring that the burden of your liabilities does not fall on your family. Term insurance is a small price to pay for your peace of mind.

Reason 2: Your age ensures lower premiums - The younger you are, the lower is the risk of payment by the insurance company, ergo lower premiums for your purchase. Also, once the premium is locked, it does not increase with your age. So, buy term insurance before you hit your 30s to lock your affordable premium.

Reason 3: You can opt for a larger life cover - As term insurance plans have no cash value, they are available at an affordable cost compared to other endowment plans of the same cover. The added benefit is, it allows you to provide for your family and strengthen their financial stability in your absence.

Reason 4: You can add innovative riders - Riders offer additional financial cover over and above the basic sum assured you will get from your term plan. So, riders such as critical illness rider will offer an additional payment (rider sum assured)in case of diagnosis. There are other innovative riders which allow you to cover disability, employment loss and an option to waive premium charge. This allows the policyholders to select relevant riders with the term plan to make life cover more suitable and meaningful.

Reason 5: You can enhance cover - Term insurance plan gives flexibility to enhance the life cover during important stages in your life. Most policyholders want to increase the coverage after birth of a child or after marriage. This makes it possible for you to enhance your cover based on your responsibility and capabilities.

Reason 6: You can save tax - Purchasing  a term plan also means that you save tax. Term insurance plans provide dual tax benefits. The premiums you pay are tax free under Section 80C and the benefits are tax free under Section 10D. Term insurance plan enables you to do tax planning and preserve your financial resources for your family’s stability. So, do not forget to deduct these premiums after purchasing term plans.

Reason 7: Your employer term plan is not enough - Your employer will provide a plan suited to his needs and this will probably end once you switch your job or change career paths. Term plan offered by your employer may not be portable and will vary on the number of years of service also. So, it’s best to rely on your judgement for your family security.

Come, be responsible and secure your family’s future today.

Disclaimer:
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
Call us Toll-free at 1-800-425-6969. Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203
EC355 LD/2019-20/371

BEWARE OF SPURIOUS/FRAUD PHONE CALLS!
• IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.