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    Why Should You Always Consider Buying A Term Life Insurance Plan with Higher Coverage?

    Last Updated On 22-03-2021

    Term life insurance plans offer a cover for your life against uncertainties and keep your family protected. They support your loved ones and enable them to live a financially independent life. Hence, it is essential to have sufficient life insurance coverage to take care of their needs when you are not with them.

    It is beneficial to have higher coverage to avoid any financial constraints later. Here are some reasons why should you always consider buying a term life insurance plan with higher coverage.

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    1. To meet recurring as well as non-recurring expenses

    Term insurance coverage indicates the amount of money that your family needs to sustain their current and future standard of living. Adequate insurance pay-outs can help run your household in the absence of your income. Therefore, it is important to take cognizance of all recurring, as well as non-recurring expenses while determining the coverage amount for your plan. To derive this, you must take into account the following things:

    • An estimate of your monthly expenses
    • Any pending dues towards existing debt obligations like loans and credit card bills
    • Any events that are likely to occur in the future like your children’s higher education and marriage
    • The need to create a corpus for your spouse for his or her post-retirement needs

    Thereafter, calculate the funds needed to cover the items listed above. Keeping in mind the many costs, this amount is likely to be high. This is why it is essential to opt for high coverage to protect your loved ones from being financially vulnerable.

    2. To combat inflation

    The increasing prices of goods and services can eat into your disposable income. Healthcare expenses have also depicted a rising trend. Growing expenditure and liabilities can impact your standard of living. Moreover, it can be hard for your family to meet these costs in the future. Hence, picking out a high insurance cover is critical to ensure your family’s financial stability.

    Inflation exists in almost all areas of life. For instance, the cost of a medical course that was at approximately Rs.15 lakhs in 2007 was raised to around Rs.41 lakhs in 2017. This is likely to rise further in the future. Insufficient funds may cause your child to compromise on their dreams and career goals. Having an optimal coverage amount is important, as it acts as a bridge between your loved ones’ dreams and the increasing costs of goods and services.

    3. To cater to your family’s changing needs

    As time passes, lifestyle habits and needs also change. A decade ago, it was hard to imagine that one day an electronic device would become a necessity for your children’s education. The COVID-19 pandemic brought about a shift from the conventional mode of teaching to e-schooling. As a result, a smartphone or a laptop became a basic requirement for all students.

    Besides, with advancing age, the medical needs of your family will also change. Your spouse and parents may spend more on healthcare expenses. For example, cataract is a commonly performed procedure amongst the elderly. Hence, a suitable corpus makes it easier for your dependents to adapt to such changes. The higher the insurance coverage, the better it is.

    To sum it up

    Term insurance coverage acts as a substitute for your earnings. Your current financial situations and obligations play an important role in determining the coverage amount for your insurance plan. But you must also include the future necessities of your loved ones to arrive at a favourable figure. While it is advisable to buy an insurance plan with higher coverage, it is also essential to ensure the affordability of the associated premium costs. If you are looking for some high coverage cost-effective plans, you can check insurance plans by PNB MetLife.

    Visit PNB MetLife to know more about life insurance, Term Insurance & Term Plan



    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
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    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.


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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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