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    Buying A Term Insurance? Choose Your Policy Term Smartly

    Last Updated On 29-10-2020

    Once a person starts earning, they try to avail the benefits of multiple investment avenues. The young age and lack of major liabilities allow them to invest in high-risk, high-return instruments. However, along with a dynamic investment plan, it is imperative to invest in a robust life insurance plan to safeguard the financial freedom of the dependents in case of any eventualities.

    There are multiple types of life insurance policies available. However, a term insurance plan stands out due to affordable premiums and seamless nature. 

    What is a Term Plan?
    A term plan is a type of life insurance policy wherein a regular premium has to be paid by the policyholder to the insurance company. In return, the insurer offers a sum assured which is paid as a death benefit to the family in case of the policyholder’s death. Generally, term policy does not offer any maturity benefits, which is what makes their premiums affordable. However, insurers have started offering Term Policies with Return of Premium to attract more people to term plans.

    How to Select the Term Life Insurance Policy Smartly?
    There are many considerations which go into buying a term policy for you or your family members. Term policies can be used to secure not only your life but also your financial liabilities. In your absence, a term policy taken against a loan can help your family get rid of the debt and live a secured life. In such cases, the term or tenure of your policy plays a major role.

    Here are 4 major things that will determine the term of your term insurance plan:

    1. Age of Policyholder - It is advised to take insurance policy at a younger age as it offers a longer policy period option. The general phenomenon here is that the younger the policy taker is the longer the policy period. For instance, if the policy taker is of 20 years, then the policy period of 40 years is ideal. On the other hand, if you avail a policy at the age of 40, the term can be for 20 years. 

    2. The composition of your family: The family size and dependency of family members are different for every stage of life. When kids are young, the financial requirements of a family are going to be different as compared to when kids are all settled down. Also, if you have your elderly parents and in-laws dependent on you, you have to consider their expenses as well.

      Thus, the coverage of term policy should be determined after considering the size of a family and the age of the dependents. 

    3. Retirement Age - A person needs to keep his retirement goals in mind before fixing the term insurance policy period. That’s because it is easier to pay your premiums as long as you are earning. Also, people tend to take care of their responsibilities by this time and have no major liabilities – personal or financial. Your post-retirement age is for enjoying the fruits of your labour; the policy premium will become an unnecessary liability for you. 

    4. Consider Other Financial Responsibilities - Other financial responsibilities should be considered carefully before fixing the policy period. For example, if a person has taken a home loan for the duration of 30 years, then the term policy period needs to be also of 30 years so that the family won’t have to bear the burden of financial liabilities in your absence. Also, it retains their financial freedom and eliminates the stress of repayment. 

    Term insurance policy is the greatest gift that anyone can give to his family. This will make sure that your family is well-taken care of if any misfortune befalls. Just consider the policy terms smartly and carefully to ensure that your family is always financially secure.

    Visit PNB MetLife website to know more about Term PlanTerm Insurance & life insurance


    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. 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:, Email: 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


    • 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.


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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at or You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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