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    Components That Are Covered Under Life Insurance Cover

    Last Updated On 25-02-2020

    life insurance policy is an agreement between an insured and an insurance company which puts an obligation on the part of the company to offer an assured sum of money either on maturity to the insured or as a death benefit to the nominee. Being a life coverage, it protects the financial wellbeing of your dependents completely, thereby helping you lead a stress-free life. This also works as a financial shield against any debt or loan you are unable to pay before your death because the amount is sufficient enough to take care of obligations as well as serve as a saving for the dependents. Finally, the tax benefits that come with every insurance product is also present here to help you reduce your tax liability.

    What Is Comprehensive Life Insurance?
    A comprehensive life insurance a life cover where the coverage is extended for as long as the policyholder lives and is able to pay the premiums. Since the coverage is provided for life, the premium cost is also enhanced. However, the significant advantage of a comprehensive life insurance cover is that as long as you pay the premium, you need not worry about the term duration of life insurance. Moreover, the premium cost is depended on other factors, including the age of the insured person, health factors, the nature of his work, etc.

    The component or features that are associated explicitly with comprehensive life insurance are:

    1. Permanent coverage
      As already discussed, the period of life cover is extended and not limited to 20 years or 30 years. This kind of extended life cover is usually beneficial for long-term financial planning, such as wealth creation or asset building that can help the younger you live a better lifestyle.
    2. Level premiums
      Being a lifelong cover, the premium must also be paid until the same duration. But the best part of life insurance is that the cost of premiums remains the same throughout the life insurance policy. Such level premiums have the advantage of predictability, where the policyholder knows how much one has to save in order to pay for the premium, thereby increasing affordability over a period of time.
    3. Comes with a death benefit
      Comprehensive life insurance takes care of the insured person’s family when the policyholder meets an untimely death. This death benefit is a sum assured that was mentioned in the life insurance policy and is paid at the event of a policyholder’s death. Since there is no time limit associated with it, the death benefit continues to exist whether you are 50 or 90.
    4. Builds cash value
      A comprehensive life insurance plan ensures that you are able to build a cash value. Most insurance companies offer guaranteed as well as non-guaranteed cash value which is referred to as dividend value. Hence, it can also be termed as serving as an investment vehicle for the policyholder.
    5. Special needs
      Comprehensive life insurance plans are one of the best policy options for parents blessed with special children. It will financially protect the child because of its considerable sum when you are not alive.
      Similarly, homemakers who are financially dependent on their spouses can also tremendously benefit from this life insurance policy.
    6. Borrow against the cash value
      As there is an option to build a cash value, which is a liquid asset, it also provides an opportunity to borrow as an emergency fund, thereby making it a rainy-day account.
    7. Partial withdrawals
      There is an option of partial withdrawals in a comprehensive insurance plan. This is applicable only after completing a certain period of premium payment.
    8. Age no bar & no medical test
      It comes without any age limit with respect to the eligibility criteria. Moreover, if you are planning for a comprehensive insurance plan, there is no medical test prior to the enrolment.

    Apart from the aforementioned feature, there are some additional components of life insurance which includes maturity benefits that can be availed after the age of 80. However, just like any other agreement, it also has some specific conditions and limitations, in the form of exclusions or inclusions, which must be thoroughly read while going for any life insurance. Browse the website to know more about Term Insurance, Long Term Savings and the various Term Plans offered by PNB MetLife.

    • *Tax benefits are subject to conditions and other provisions of the Indian tax laws and are subject to amendments made thereto from time to time.


    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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    Collapsed Expanded

    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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