FAMILY PROTECTION
Owning a home is a crucial financial decision that one has to make keeping in mind multiple factors such as savings, earnings, investments etc. Moreover, with the steep rise in property prices in most Indian cities, buying a home is the biggest challenge. As a buyer, if you overcome this challenge with a home loan, the next hurdle is to safeguard the home loan against any untimely mishappenings. This is where term insurance comes into the picture, which serves not only as a life cover for you but also as a home loan cover.
What is Term Insurance, and what are its benefits?
Before we explore further, it is essential that you understand what term insurance is. It is a policy that offers financial coverage in the form of a particular sum of money to the nominee of the insured person, if and when the respective person dies with the policy being active. The term insurance, as the name goes by, provides financial protection only for a certain period such as 20 or 30 years. In addition, a term insurance policy also has numerous benefits, some of which are:
How to Choose Term Insurance Policy?
It is imperative to all look into the factors that influence a term insurance policy for your home loan cover.
Why should one get a Home Loan Cover?
Home loans are a form of a long-term contract between the borrower and lender, usually a financial institution. In every home loan, there is an assumption that the borrower will have a regular income that would suffice the amount of EMI that has to be paid every month. The period of home loan stretches from 20-30 years, but life is uncertain, which is why at the occurrence of any misfortune with the borrower the financial burden will be cushioned with the help of a home loan cover. With the proceeds of the insurance, the family of the borrower would be able to repay the outstanding loan amount, thereby securing the house.
To know more about Long Term Savings, Health Insurance Plan & Retirement Plan visit PNB MetLife website.
*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.
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 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
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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 claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. 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 Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.