Term insurance plans are also called pure life insurance product that provides coverage for a certain period of time or a specified “term” of years. If the insured dies during the time period specified in the policy and the policy is active or in force, then the death benefit will be paid. The premium paid on term life insurance is used to cover the risk of insuring the policyholder. This allows the policyholder to opt for higher sum assured at affordable premiums. Term insurance is the best way to financially secure your family’s future in case of any untoward scenario. It covers the policyholder for a long period of time. Generally, the policy term starts from the age at which the policy is purchased. It ends when the policyholder reaches the age mentioned in the policy. Thus, it is possible to get a term insurance policy for 50 or even 60 years at the affordable premium which may vary during the premium paying term. Term insurance plans also comes with riders which provides additional coverage asides the term insurance benefit. These riders cover additional benefits such as accidental death, disability, critical illness diagnosis, terminal illness diagnosis, waiver of premium and provide extra benefits that are paid out when the conditions are met. Term insurance allows the policyholder to opt for a high sum assured. This policy provides the best way to financially secure your family’s future.

There are many term insurance benefits that make it an excellent investment to secure the financial safety of your family.

• Affordable premiums: One of the major benefits of a term insurance plan is the affordability of premium. It is possible to get a cover of Rs. 1 crore without spending a huge amount. Term insurance premiums purely reflect the risk of covering the life of the policyholder. For Non-smokers, premiums are lesser. Insurance companies also charge lesser premiums for healthy policyholders. Women policyholders typically enjoy lesser premiums than men. All these factors make it possible for people to opt for higher covers without it breaking the bank.
• Policy Tenure: The tenure for a term insurance plan lasts from the age at which the policy was purchased and continues till the age specified in the policy. The term insurance policy ends when the policyholder crosses that specified age. For example, if the policyholder is 30 when he buys a term plan and the coverage under the policy is till the policyholder reaches 80 years, the policy duration is 50 years. Buying a term plan at a young age will ensure the premium is kept low and the sum assured is high.
• Riders: Riders provides an additional coverage that comes along with a term plan. These cover scenarios such as accidental death, disability, critical illnesses etc. These riders have additional premium that has to be paid over and above the term insurance premium. However, they provide additional benefit when the given conditions are met. For example, if a Critical Illness Rider is opted for and the policyholder is diagnosed with one of the specified illnesses, then he will receive a payout for meeting the condition covered under the rider. The rider benefit, like the base policy benefit, will have to be decided at the inception of the policy which determines the min/max coverage term & benefits of the rider.
• Online Term Insurance Policies: One of the biggest advantages of a term insurance plan is that these policies are easily available online. It is convenient to buy them directly from the insurance company’s website or with the support of an insurance web- aggregator or form any other insurance intermediary. Once the onboarding formalities are completed, the insurance company issues the policy document.
• Tax Benefit:  Term plans are counted as life insurance plans and get a tax deduction for premium paid under Section 80C of the Income Tax Act, 1961. This deduction is limited to Rs. 1,50,000 and it covers premium for self, spouse and dependent children. If the policy is taken for anyone else, a deduction will not be available. This deduction will only be allowed if premium paid is less than 10% of the sum assured. Another point to remember is that any benefit received under a term insurance policy is exempt under Section 10(10D) of the Income Tax Act. This includes payout for a term insurance rider as well. This guarantees the financial security of your family since no tax will have to be paid on term insurance benefits. The benefit can be wholly used for the family’s finances.

Term Insurance Plans are extremely important to secure the financial security of your family. A term life insurance policy provides a high sum assured which can be used by the family.

Term insurance also has different payout options:

• Lump sum on maturity
• Lump sum on maturity + monthly income
• Lump sum on maturity + increasing monthly income

You can choose whichever mode helps your family manage their finances better. It is possible to change the mode of death benefit as well.Term life insurance also comes with riders such as waiver of premium in case of disability or diagnosis of critical illnesses or terminal illnesses. This helps to conserve finances for the family and also pays out the rider sum assured. Opting for such riders can also help with finances in case the rider conditions materialize.Term life insurance allows you to buy a policy that has a high sum assured. This provides comfort and protection to your family long after your unfortunate demise. Best term insurance online payouts must be enough to meet your family’s needs, which is why it is possible to evaluate your needs and increase the cover midway. You can opt for an increasing sum assured where the sum assured increases by up to 50% on marriage and by 25% on birth of one child up to two children. This provision ensures that your sum assured takes your growing family into account as well.

It is possible to buy family term insurance as well. Several term plans also include a joint life benefit. A joint life benefit includes coverage for the spouse as well. This covers the life of both the policyholder and the spouse. Even if either the policyholder or the spouse dies, the term insurance policy continues till the death of the other. Getting a term plan for your family or a group term life insurance policy is an excellent choice. A family’s finances are interconnected and buying a term plan can ensure high coverage and financial security in case of any emergency.

A term plan also comes with an option to return the premiums on maturity. The premium for such plans is slightly higher than pure term insurance policies but opting for such policies can help meet family expenses on maturity of the policy.

• The perfect term life insurance policy should meet your family’s income requirements after your death. Be sure to choose the highest sum assured available at your income level or opt for an increasing sum assured as your family increases.
• Pick those riders that will provide maximum benefit to you. All riders may or may not be beneficial to you.
• Be sure to compare different policies on insurance aggregators so that you can find out information about all insurers.
• Picking a best term insurance online will help you save on premium costs

Here are some pointers to consider before choosing the perfect term insurance policy:

• It is better to get a term life insurance cover which is at least 10 times your annual income. This will ensure your family’s expenses for the next 10 years are met. It is best to check your family’s financial needs and upgrade the sum assured as and when required.
• Be sure to add liabilities to your family’s needs since they will have to pay liabilities after your unfortunate demise. Consider this while fixing your sum assured.
• Be sure to check the insurer’s claim settlement ratio before buying a term plan. Claim settlement ratio is the ratio of number of claims raised to the number of claims settled.
• Another ratio to check is the company’s solvency ratio. This indicates the financial health of the insurance company. As per IRDAI regulations, the minimum solvency ratio must be 1.50
• If you have a history of health problems in the family, it is better to get a term insurance policy with critical illness riders.
• If your family’s income needs are fixed, you can structure the death payout in the form of a monthly income scheme.
• It is best to invest in an insurer who provides all details including charges and fees upfront. Be sure to read the offer document carefully before investing.
• Remember, the cheapest premium does not equate to the best term insurance plan. Read through the brochure and contact the company representatives to get things clarified before investing.

The insurance company calculates premium for your insurance policy based on several factors such as:

• Age
• Sum Assured
• Gender
• Smoker or non-smoker
• Yearly income
• Medical test reports

The term insurance premium is an indication of the risk that the insurance company has to bear to insure the life of the policyholder. These premiums are calculated by the company using actuarial tables to assess risk. However, each insurance company also has a term insurance premium calculator on their website that will let you know an approximate premium for the given inputs entered by you. The final decision is left to the insurance companies but using a term insurance premium calculator will give you an estimate of how much premium you can be expected to pay. Using this calculator will help you budget for yearly premiums in your finances.

Getting an online term plan is extremely simple in these digital times. Most insurance companies have their plans set up online which makes it easy to check. But why should one buy term insurance online?

Convenience: Buying a term insurance policy online is extremely convenient. It can be done from your home at your convenience. All you need to do is visit the insurance company’s website, pick out the term plan and choose any riders and add-ons and pay the company. You can buy a policy online in a matter of a few clicks.

Affordable premiums: Insurance agents or other insurance intermediary make it convenient to buy an insurance policy. However, the insurance company has to pay a commission to the agents to provide a service which ultimately translates into a higher premium. While buying an insurance policy online, there is no need for an agent which saves the company premium. This reflects in cheaper premiums.

Comparisons:There are several insurance web-aggregators who provide information about different term insurance plans. You can buy term insurance online after comparing all the policies and what they offer. You can either buy from the web-aggregator’s website or from the company’s website directly.
EfficiencyThere is no need to visit the insurance company’s office after buying a term insurance policy, you get the policy document in your email after purchasing the policy online.

• The documents you require are:
• Age proof (Passport, Driving License, School Leaving Certificate, PAN Card)
• Address proof (Passport, Driving License, Aadhaar Card, Voter ID, Electricity Bill, Gas Bill, Telephone Bill, Ration Card)
• Identity proof (PAN Card, Aadhaar Card, Passport, Driving License, Voter ID)
• Passport size photographs
• Income proof (Salary slips, ITR - V for the past 3 years)
• PAN/ Form 16 (compulsory)

PNB MetLife is one of the topmost insurance companies in the country. PNB MetLife has been in the insurance business since 2001 and has insured 3.16 million people till date. One of the world’s leading insurers MetLife has tied up with Punjab National Bank (PNB) to protect and insure people. With a high claim settlement ratio, buying a best term insurance from PNB MetLife will ensure your claims are honoured and easily settled. Be rest assured, your family’s claim will be speedily paid out. Buying a PNB MetLife policy is very simple and convenient. Moreover, you can completely customize your policy as per your needs and requirements. Whether you require additional riders or upgradation of your sum assured, your needs come first. PNB MetLife offers one of the best term life insurance policies in India.

There are a variety of insurance products that can help you financially secure your life. A term life insurance is the simplest and the most basic type of insurance. It guarantees the payment of a death benefit in case the insured passes away during the policy term. A term life insurance plan generally does not have any savings component, which makes it one of the cheapest life insurance plans. A term life insurance cover ceases to exist after the expiration of the policy tenure. Some term life insurance plans also offer ‘riders’ which handily provide the policyholder enhanced coverage at a low cost.

Being an earning member of your family, it is important to financially protect your loved ones even in your absence. A best term insurance plan guarantees payment of an assured sum, which can be of immense help for your family in times of need. A term life insurance plan is important for a variety of reasons.

Peace of mind: Life is unpredictable. In case of an unforeseeable event, having best term life insurance ensures that your family members do not have to make changes to their lifestyle in your absence. With a best term insurance plan, you can live a stress-free life knowing that your family is financially secure and will not have to make painful changes to their lifestyle in your absence.

Flexibility: Best term insurance plans are flexible products that take your paying ability and the changing requirements of the insured into account. You can easily increase the cover of a term insurance plan by paying an additional premium. Some plans also automatically increase the insurance cover with the changing life cycle. Since no savings component is involved, the policy expires if the insured is unable to pay the premiums. There are no payout obligations.

Riders: While basic term insurance plans provide death benefit only, they can be enhanced to cover accidental death, accidental disability, cancer, heart attack and several other critical illnesses. Riders provide the insured with an option to improve the quality of the protection and live an even more secure life.

Affordability: Term insurance online plans are one of the most affordable live covers available in the market. You do not have to worry about having to pay hefty premiums to ensure adequate insurance cover. Having a best term insurance policy ensures a substantial sum assured at affordable rates.

Takes care of liabilities: The essential components of modern life like electronics and vehicle come at a cost. It is natural for people to take on liabilities like a car loan without thinking about the impact on the family in the absence of the earning member. Term insurance plan ensures that your family does not get bogged down by liabilities.

Simplicity: Term insurance policies have a simple easy-to-understand structure and the insured doesn’t have to monitor the returns. Unlike some other insurance products, there is no savings component which requires deep research and constant monitoring. The final benefits are also dependent on market performance. The scenario is completely different in the case of term insurance plans. Once you buy a policy, you just have to pay the premiums on time and enjoy the security of the life cover.

In case of an unfortunate event, if the need arises, it is exceptionally easy to file an insurance claim. There are three distinct steps to filing a term insurance claim.

Intimation: The first step while filing a claim is to inform the insurer about the death of the insured. The insurance company has to be intimated within 90 days of the death of the insured with relevant documents like death certificate. With PNB MetLife, you can download the claims form online in your regional language and send the duly filled form to the company.

Processing: Upon receiving the claim forms, the insurance company verifies the documents and assesses the claim’s merit. The insurer can ask for additional documents or choose to examine the claim further.The exact documents slightly vary depending on the type of policy and the insurer. The documents required to file a claim with PNB MetLife are as under:

• Copy of Death Certificate (issued by the local authority)
• Original Policy Document or Indemnity Bond in case the Original Policy Bond is lost
• Claimant’s Statement
• Doctor’s Certificate (in the specified format)
• Photo ID proof and address proof of the nominee
• Cancelled cheque leaf or bank passbook of the beneficiary under the policies

The basic documents remain the same but may vary slightly in the case the policy covers accidental death or critical illness.

Payout: The claim is processed within 30 days of the submission of relevant documents. In case of an investigation, the investigation is completed within 90 days from the intimation of the claim. The final decision on the claim is taken by the PNB MetLife within 30 days of the completion of the investigation.What is term insurance plan premium?Term insurance is essentially an agreement between the insured and the insurance company. The insurance company promises to pay the insured a pre-decided death benefit on the condition that he/she regularly pays a mutually decided premium. The insurance company uses the premium to provide the death benefit. Insurers very often provide flexibility in premium payments. Generally, term insurance premiums can be paid on a monthly or yearly basis.

Term insurance is essentially an agreement between the insured and the insurance company. The insurance company promises to pay the insured a pre-decided death benefit on the condition that he/she regularly pays a mutually decided premium. The insurance company uses the premium to provide the death benefit. Insurers very often provide flexibility in premium payments. Generally, term insurance premiums can be paid on a monthly or yearly basis.

A term insurance plan takes into account the potential risks to the insured and the premium is calculated accordingly. A high-risk individual will have to pay a higher premium when compared to an individual with moderate risk. Risk can be of various types; for instance, occupational risk. Nicotine use is also a type of risk. Continuous use of nicotine can result in respiratory illness, heart diseases or even cancer. Since many term insurance plans cover critical illness, heart diseases and cancer, insurers naturally charge a higher premium from nicotine users. While buying a term insurance plan online, you have to clearly state your history of nicotine use. If an individual is a nicotine user, his/her premiums maybe a third higher than a non-user. Concealing nicotine use while buying a term insurance plan could lead to the rejection of the claim.

A term insurance policy guarantees monetary payout to the nominee in the event of the insured’s death. Besides the death benefit, term insurance plans generally do not provide other monetary benefits. However, you can claim tax benefits on the premiums paid for a term insurance policy. The premiums paid for yourself, your spouse and children are eligible for a tax deduction of up to Rs 1.5 lakh in a year under Section 80C of the Income Tax Act, 1961. Some best term insurance plans also return the premiums paid after the end of the policy term.

Term insurance policies come in varied types. Basic plans offer a death benefit, while policies with riders also cover accidental death, disability, cancer, heart diseases and other critical diseases. The exact specification of the term insurance policy depends on the financial needs of the individual. PNB MetLife offers a plethora of term insurance plans catering to people with varied needs. You can choose from

• PNB MetLife Mera Term Insurance Plan
• PNB MetLife Mera Heart and Cancer Care
• PNB MetLife Accidental Disability Benefit Rider
• PNB MetLife Critical Illness Rider
• PNB MetLife Serious Illness Rider
• PNB MetLife Accidental Death Benefit Rider Plus
• PNB MetLife Mera Jeevan Suraksha Plan
• MetLife Grameen Ashray
• PNB MetLife Aa Jeevan Suraksha Plan
• PNB MetLife Complete Care Plus
• PNB MetLife Bima Yojana
• PNB MetLife Group Term Life Plus
• PNB MetLife POS Suraksha
• PNB MetLife Family Income Protector Plus
• PNB MetLife Loan and Life Suraksha
• PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana
• PNB MetLife Complete Loan Protection Plan
• MetLife Accidental Permanent & Total Disability Plus
• MetLife Group Accidental Death Benefit Plus
• MetLife Accidental Permanent & Partial Disability Plus
• MetLife Group Serious Illness Rider

Buying a term insurance plan with a Sum Assured which is significantly more than you need can be a drain on your finances. Similarly, being underinsured can be counterproductive. The optimum cover depends on your annual income, liabilities and your financial goal. As a thumb rule, you should have a term insurance cover equal to 15-20 times your annual income. To get a better idea of the required term insurance cover, you can use the ‘protection calculator’ in the ‘tools’ section of  www.pnbmetlife.com

If the insured does not die within the policy tenure of a term insurance plan, the policy simply ceases to exist. Term insurance policies do not have a savings component and hence there are no maturity benefits. The insured can also choose to renew the plan. Policies with the ‘return of the premium’ clause pay back the premiums paid during the policy term.

Term insurance plans pay the sum assured in the event of the death of the insured. However, people seeking better coverage can opt for riders, which essentially enhances the basic policy. You have to specifically opt for such riders while buying the policy. Term insurance policies with riders have higher premiums when compared to basic policies. Some of the riders offered with best term insurance plans are:

• Accidental death
• Accidental disability which includes total or partial disability
• Heart attack and cancer
• Other critical illnesses such as kidney and liver failure
• Spouse cover
• Increasing cover with life cycle

Even though a term life insurance policy is designed to cover death, there are certain types of death that are not covered by term life insurance policies. Deaths due to the following reasons are not covered by term insurance.

• Murder of the policyholder
• Death due to involvement in criminal activities
• Death under the influence of alcohol
• Death due to participation in hazardous activities, which includes adventurous sports like paragliding and bungee jumping
• Suicidal death
• Death due to pre-existing health issues
• Death due to childbirth
• Death due to natural disaster

Term life insurance is bought to financially secure the life of our loved ones, however, some intentional and unintentional mistakes can defeat the purpose of taking the policy. Insurance companies reject term insurance claims due to several reasons.

Giving incorrect details: While filling the form for term life insurance, ensure that you provide correct details. Insurance companies take concealment of information or providing incorrect information very seriously and it could lead to the rejection of the claim.

Hiding medical history:Not disclosing medical history is valid ground for ejection of the claim. If it is found that the insured had a pre-existing disease which was not declared in the insurance form, the insurer may reject the claim. Some people also hide their smoking or drinking habit to reduce the premium. It could also result in the rejection of the claim.

Refusing to undergo medical test:While buying a term life insurance plan, you are required to undergo a medical examination. The insurance company uses the medical test to assess the risk. Refusal to undergo medical examination could lead to the rejection of claim later.

Not disclosing existing policies:When you buy new term insurance, you are required to provide information about any existing policies. Failure to reveal existing policies can result in the rejection of the claim.