Picture this, you are the main provider for your family, which means you do everything to see them live their dream. Now, let's say life doesn’t go exactly to plan. What if you were not around to financially sustain them? Sounds terrifying, isn’t it? Life insurance is crucial for such situations. It provides a financial cushion, helping the breadwinner's family in challenging situations.
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Most people, however, postpone getting a life insurance plan believing they don’t require it. Here’s the catch. Life is unstable. The sooner you come to accept the role of life insurance, the better equipped you will be for the future.
Before we delve deeper into life insurance, let us first discuss life insurance definition. Life insurance is a contract made with an insurance company like PNB MetLife. You pay us periodic premiums; we guarantee to pay your family a predetermined sum if you pass away unexpectedly.
However, that’s not all. Certain plans also assist you in building your wealth, preparing for retirement, or reserving funds for other costs down the line. This further explains why life insurance meaning and importance are not solely centred on the death benefit
The lack of certainty today, paired with increasing costs and responsibilities, makes the conversation around life insurance even more important than it was before. Here’s why you need life insurance in 2026:
Your family uses your paycheck to meet daily expenditures, education, and other planned expenses. If anything were to happen to you, a life insurance plan helps ensure you continue to live comfortably. The policy can take care of the following things:
You may hold loans against your name, such as car or home loans, and they will not vanish due to your absence. Someone in your family is likely to need to pay them off. A good life insurance plan helps to protect your loved ones from financial burdens by covering these liabilities.
Certain policies serve the dual purpose of giving you financial protection and enabling you to build wealth over time. Some of them include:
Being sure that, no matter the outcome, your family will be financially protected brings a comforting sense of calm. You can now concentrate on leading a fulfilling life without stressing about the future.
As with most investments, life insurance comes with the added benefit of tax savings. Premiums can be claimed for tax deduction under Section 80C. Moreover, death benefits under the policy are exempt from tax under Section 10(10D).
Choosing the right life insurance plan depends on your needs. Here’s a quick comparison of popular options:
| Type of Life Insurance | Best For | Key Benefits |
|---|---|---|
| Term Insurance | Affordable financial protection | High coverage at low premium |
| ULIP or Unit Linked Insurance Plan | Investment + Life Cover | Market-linked returns + insurance |
| Endowment Plan | Guaranteed savings | Life cover + maturity benefits |
| Money Back Plan | Regular payouts | Periodic survival benefits |
| Whole Life Insurance | Lifetime coverage | Cover up to 99 years |
| Retirement Plan | Post-retirement income | Monthly pension + tax benefits |
Each type has its features, but all serve the purpose of life insurance—to provide security and peace of mind.
Many wonder, "What if I want to exit my life insurance plan before maturity?" That’s where the surrender value in life insurance policy comes in.
It is the amount you get if you terminate your policy early. However, surrendering your policy means losing protection and benefits. Always consider the long term impact before surrendering a policy.
It may initially seem difficult to select the right life insurance policy, but here’s a guide that can help you break it down:
By now, you understand the importance of life insurance and how it can secure your family’s financial future. Whether you need pure protection, investment benefits, or lifelong coverage, PNB MetLife has a tailored plan.
We offer a range of life insurance plans, including:
Don’t wait! Take the initial step to financial security today. Contact us and choose the perfect life insurance plan for your needs.
The purpose of life insurance is to provide financial security to your family in case of unexpected passing. It ensures they can maintain their lifestyle and meet essential expenses.
Yes, but it depends on your policy type. If you surrender your policy early, you will receive the Surrender Value in Life Insurance Policy, which may be lower than the total premiums paid.
The earlier, the better! Buying life insurance plan at a young age means lower premiums and better coverage for the long term.
Piyush Kataria, SEO Manager at PNB MetLife, is a seasoned digital marketing strategist with over a decade of experience in optimizing websites for search engines. His expertise extends to keyword research, content strategy, technical SEO, and link building, all of which have been instrumental in driving organic traffic growth at PNB MetLife. With a strong foundation in life insurance, Piyush leverages his industry knowledge to create targeted and effective SEO campaigns.
Sakshi Malhotra is a seasoned marketing professional associated with the Life Insurance industry since 2007. At PNB MetLife, she heads Digital Marketing and Direct to Customer line of business. She is responsible for driving effective customer engagement through the company’s website and social media channels. In addition, she drives customer online buying journeys to help them buy the right product.
Disclaimer:
The aforesaid article presents the view of 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 or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health 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 | CIN U66010KA2001PLC028883
Terms & conditions apply, Benefits stipulated are subject to premiums paid and policies in-force. For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
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, 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.
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By submitting your details, you agree to PNB MetLife's Privacy Policy and authorize PNB MetLife and/or its authorized service providers to verify the above information and/or contact you to assist you with the policy purchase and/or servicing. You have the option to opt-out of this contact authorization by un-checking the box. The authorization provided by you herein will supersede all earlier authorizations/registrations made by you in this regard.
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