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    What is Term Insurance and Its Benefits | PNB Metlife

    What is Term Insurance and its Benefits?

    Last Updated On 17-07-2023

    Remember when you rode a bike down the roads with a helmet? At first, the helmet might have felt inconsequential, but the minute you had a fall, it proved its value by preventing you from getting a severe injury. Term insurance works on the same lines. It is a type of insurance that protects yourself and your loved ones, especially in your absence. A term insurance plan provides financial support and various other benefits. Getting one early in life ensures you get the maximum of term insurance benefits at an affordable cost.

    Ensure Your Future with Term Plan!

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    Read on to find what exactly are the term insurance benefits that make it a must-have in your financial portfolio:

    1. A term insurance policy provides life insurance protection.
    The core purpose of a term insurance plan is to provide financial support to the family of the sole or co-income earner in their absence. By giving life insurance coverage to your family members in the eventuality of your unfortunate demise, a term insurance plan aims to become a primary or added source of income to get them through. It does this by paying a guaranteed death benefit payout or sum assured as soon as the eventuality of death occurs.

    Through this, your loved ones have enough to sustain themselves and achieve their goals. In some of the best term insurance plans, you also receive a return on the premiums you have paid towards the policy.

    2. A term insurance policy protects against unforeseen eventualities.
    Not only does a term insurance plan provide a guaranteed death benefit in the eventuality of death, but it also provides coverage against other unpredictable scenarios. The eventualities include but are not limited to:

    • Death arising due to an accident
    • Permanent physical injury due to an accident
    • The development and diagnosis of a critical/ terminal/life-threatening illness

    However, these extra term insurance benefits are available only when you pay some extra money (or premiums) towards the term insurance plan.

    3. A term insurance policy is affordable yet comprehensive.
    A term insurance plan provides comprehensive and all-around financial coverage at affordable prices. In fact, term insurance is one of the most budget-friendly forms of insurance. You can get a cover of more than ₹1 crore at an approximate monthly premium price of ₹900 to ₹1,000. The affordability yet holistic nature of term insurance is what makes it so popular among insurance buyers. Moreover, with the best term insurance plan, you get the added advantage of choosing how and when to pay the premiums. You can pay in monthly, quarterly, or annual instalments, and decide a cover amount that fits your needs and budget. Another benefit is the extra discounts you receive while buying a term insurance plan online.

    4. A term insurance policy is free from any market risk whatsoever.
    Term insurance plans are pure, non-linked, and non-participating insurance plans. These features mean that term insurance is a safe investment avenue. Free from the fluctuations of market-linked investments, it is ideal for those who don’t want to take any risk of loss and chances on their family’s security. It provides an immediate death benefit on the occurrence of any policy-listed eventuality that causes the death of the policyholder. It is not a wealth-creating tool, but the benefit amount your family receives is enough to negate the effects of inflation and will be sufficient for their sustenance. Another great thing about term insurance is that it gives tax benefits under the respective provisions of the Income Tax Act, 1961.

    To sum it up:

    Term insurance is a fuss-free insurance product. The scope of financial protection it can provide to your family is inflation-adjusted and affordable, which makes it a must-add in your insurance portfolio.

    To know more about life insurance, term plan & long term savings visit PNB MetLife website.



    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
    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, 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.


    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. 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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