Skip Navigation
0 of 0 Displaying
 |   Displaying

No Results

    LONG TERM SAVINGS

    A young man’s journey to becoming financially wise

    Last Updated On 03-01-2017

    Driving into his upmarket Bangalore apartment in a posh four wheeler, Mr. Harshil Shah looks like a man settled in life, an ambitious man on the right track. A 28-year-old, with a cushy job with a reputable MNC, recently married to Ashita, his financial stability and position in society are enviable to any observer.He is a poster child for any Indian parent. On close introspection, Harshil reveals he was not always the same.

    “A few years ago I would completely run out of cash by the 20th of a month, with barely enough cash to buy me rice and curd which I made do for food two times a day. Savings plan was the last of my priorities, heck it wasn’t even on the list!” We have all been there, young out of college, with a nice 30,000 pay-check, the gifts for family, the treats and parties for friends, it is an endless list. Financial education is not something taught in Indian schools and the naivety can be excused. But as a working professional a few months into the job, one must arrive at the realization that splurging your salary and living pay-check to pay-check is not sustainable.

    A year into his work life, at the age of 24 his then girlfriend Ashita, on facing family pressure to get married, had to step in and advice Harshil on his irresponsible manner of budgeting – or the lack thereof. She approached him with mutual funds, endowment insurance plans, and a strong case to stop the incessant partying. Harshil’s father’s impending retirement was another catalyst. But his father’s ailment came as the final shock for him and he quickly reorganized his lifestyle. With some basic budgeting, he was able to figure out where he spent the most amount of money, and how much of a chunk was being spent on unwanted expenses. He reduced his weekday partying and allocated a fixed amount for entertainment and travel. The carefree attitude stopped only in fiscal discipline and he could still continue partying with his friends, but now he has a budget for it.

    The mature Harshil looked at the different savings plans available to him and settled on a simple endowment policy. He now wanted to be financially stable before proposing to Ashita and an endowment insurance plan seemed like his best option. An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. This seemed like the best savings plan available to suit his requirement. With proper management of finances, Harshil could manage his income in an efficient way.

    As a married couple, a disciplined approach towards investments helped them streamline their money, thereby assuring a secured and protected future for the both of them. The story of his very first endowment policy was the opening of a floodgate for Harshil and there was no turning back to the chaos before. He jokingly gaffs at the idea of him teaching his kids about saving and he says he will ensure they get their own endowment plan at the right age!

    To know more about Term Insurance,  browse the website for various Term Plans offered by PNB MetLife.

    Disclaimer:

    The aforesaid article presents the view or 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

    EC296 LD/2019-20/307

    BEWARE OF SPURIOUS/FRAUD PHONE CALLS!
    • 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.

    LONG TERM SAVINGS

    Benefits of Life Insurance for Single People

    Benefits of Life Insurance for Single People Single people don’t need insurance, right? This is no longer the consensus. While undoubtedly, yo...

    LONG TERM SAVINGS

    Life Insurance Calculators - To Make the Most Out of Your Insurance

    Life Insurance is always taken as a last resort, as a ‘when-all-else-fails’ deal. Seeing as how you won’t be around to lend your family a hand when...

    LONG TERM SAVINGS

    Choosing Tax Free Income and Investment Options

    Nowadays, life insurance has become the most important tax saving investment, playing an important role in an individual’s financial portfolio and ...

    LONG TERM SAVINGS

    Factors to consider before you decide a 1 crore term plan for you family

    Investing in a term plan is a great way to protect yourself and your family from the uncertainties in life. You are required to pay a premium regul...

    LONG TERM SAVINGS

    Get income tax deduction on life insurance premium paid for adult children

    Life insurance premium: A Tax-Saving Mechanism. One of the significant benefits of life insurance is the tax benefit on the premium paid each year...

    Want to know more about how you can protect your family?

    See all our articles

    Have us call you!

    Provide us with your contact details.

    We use this information to find local advisors for your needs.

    OTP sent successfully

    Thank you for getting in touch with us. We will contact you shortly.

    Disclaimer

    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 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.

    Site best viewed in following browsers
    Chrome 70+ , IE 11+, Firefox 76+, Safari 11+