Getting married to your loved one is a dream come true. But while starting a new chapter of life by getting married can bring a lot of joy, it also opens the door to new duties and challenging responsibilities. For example, one of the most crucial duties after marriage is owning the financial responsibility of a spouse, children, and any other family.
If you are the sole income earner, this duty can weigh heavy. Even though there is a shift in the patriarchal culture and many houses are being run by both spouses as co-income earners, it is prudent to get life insurance. A life insurance policy will secure your partner and the rest of your unit by getting a life insurance policy.
It is hard enough for a single person to deal with the increasing inflation, daily cost of living, and other rising expenses. These costs double up and multiply once you have a spouse. In the unfortunate instance your partner gets left behind after your demise, getting a life insurance policy would help them cover their lifestyle expenses and other needs. If you plan to have children, this is all the more crucial.
As beautiful as life is, it can also get harsh and unpredictable. Occurrences such as accidents, terminal illnesses, critical ailments, and physical injuries/ disabilities caused by accidents are not uncommon. Recovering from such emergencies requires intensive and immediate care and treatment, which in turn, need adequate finances. Different types of life insurance policies can help you and your partner tackle such unforeseen emergencies.
Married couples often take loans together to fulfil their dream of buying and owning something like a home, a vehicle, their child’s higher education, and the like. Paying for a loan together is still manageable, but if you leave your spouse behind, you will not want them to take on the entire burden of repaying those loans. Again, a life insurance policy can help with loan repayment of any sort.
Many types of life insurance policies offer the twin benefits of life insurance protection and wealth creation. Not only do they provide life insurance coverage, but they also give buyers the opportunity to invest and grow their money through market-linked or non-market-linked avenues. Through investment, buyers can get compounded returns or earn profits based on the interest rates fixed for the various types of life insurance policies.
A life insurance policy allows you to leave a financial legacy for your legal heirs. Heirs are those nominees or family members in immediate relation to you. In your absence caused due to death, a life insurance policy will ensure your chosen family members receive adequate financial support through a death benefit, maturity pay-out, or systematic returns. Whatever the monetary pay-out, your heirs will lead their lives comfortably and fulfil their goals.
The best life insurance plans offer many benefits, but there are a few ways to maximise the benefits of life insurance.
You and your spouse might even get group term life insurance but getting a joint life insurance policy out of work has more benefits and features. A joint life insurance policy can combine the existing separate benefits of you and your partner and lower your premium rates. However, you should discontinue any old or existing separate life insurance policy, or your premium payments might go higher.
Amidst receiving the benefits of life insurance, don’t forget to avail of the tax benefits under it. Different types of life insurance policies have different tax benefits, but there are a few tax provisions applicable to all. For instance, u/s 80C, where you can claim the premiums paid as tax refunds up to ₹1,50,000 in a year, is a very popular tax provision in life insurance policies. To know more about term insurance, term plan, ULIP plan, retirement plan, long term savings and more visit PNB MetLife website.
To Conclude
Given the expensive factors influencing the married couple's life of today, life insurance is not a luxury anymore; it is a bare necessity.
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
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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.
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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.
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