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    FAMILY PROTECTION

    What is Life Insurance? Why Should You Buy One to Meet Your Needs?

    Last Updated On 16-09-2020

    The decision to buy life insurance is one of the most important financial decisions you can make for yourself as well as your family. Regardless of what you may earn or feel, life is unpredictable, and you never know what the future holds. Many people die every year prematurely from accidents or illnesses, and if you are one of the income earners or the only one; this tragedy may have severe financial implications on your family. This is the reason why the importance of life insurance has grown over the years. Everyone wants to secure their family from any financial hardships, and when you buy life insurance, you move one step closer to their security.

    Let us first understand what is life insurance? Life insurance is a financial cover that you can purchase for any contingencies linked with human life, such as disability, death, accident, or even retirement. This cover safeguards your family from any loss of income that would incur in the household on account of any above-mentioned unfortunate events.

    Now we will go through why life insurance is needed, and what purpose does it serve? Some of the main benefits of life insurance are as below:

    • Family’s Financial Security
      The primary importance of life insurance is the financial safety net that it provides to your family post you’re gone. Your family is dependent on you, and the proceeds from this life insurance will help them to meet any financial obligations that may befall upon them such as children’s education, repayment of the debt, replacing lost household income, etc. 

    • Debt Repayment
      In your absence, loan companies approach the nominee to collect any outstanding debt pending from your end. This is applicable for a car loan, home loan, personal loan, and so on. To avoid your family getting entangled in this financial stress, life insurance provides a way out to repay any outstanding amounts.

    • Achievement of Long-Term Goals
      Believe it or not - Life insurance aids in the achievement of long-term goals. Several life insurance plans provide you with dividends and options to invest part money into equity and debt markets, which give you attractive returns. These additional forms of income can aid in the achievement of your goals, such as the purchase of a home, retirement, etc.

    • Buy When You Are Young
      It is always advisable to buy life insurance when you are young and free of any dependents and of good health. Coverage costs are much lower when you are young, which ensures lower premium for you. Purchasing life insurance at that age can aid in numerous benefits such as inculcating the investment and savings habit, make you more responsible, and better at money management.

    • Keeps You Retirement Ready
      There are several life insurance schemes that have attached riders pertaining to retirement. Under these plans, you can rest assured to have a steady flow of income every month. So, investing in a good life insurance product can go a long way in aiding your retirement.

    • Tax Saving
      All premiums payable under a life insurance plan are eligible for tax deduction up to ₹1.5 lakh under Section 80C of the Income Tax Act, 1961. Further, tax-free proceeds on maturity or death under Section 10(D) also adds to your tax-saving component.

    • Compulsory Savings
      Saving for the future is always a good decision which most of us don’t think about. When you buy life insurance, you make a compulsory commitment to pay premium regularly for you and your family’s future. Further, depending on the plan, these extra amounts invested accrue cash value which will be beneficial for you in the future. Another importance of life insurance is that you can avail loans against it.

    It is a known fact that the more we age, the more it gets difficult to obtain a life insurance or competitive premiums. We become more prone to ailments and illnesses on account of likely health deteriorations. Further, the purchase of life insurance provides us with immense peace of mind which all of us want. We know death is inevitable, so why not make provisions for your family’s future at the earliest. Even a small policy can go a long way in helping your family tide over difficult times.

    Visit PNB MetLife to know more about Long Term Savings, Term Insurance & Term Plan

     

    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
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    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: 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

    AD-F/2020-21/00257

    BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS /FRAUDULENT OFFERS
    • 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 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 PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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