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    Financial decisions you should not delay while getting Life Insurance

    Last Updated On 04-01-2020

    What school doesn’t teach you is that your smartest financial decision will be to start planning early on. Without this knowledge, many fall prey to believing they will retire soon and live comfortably with accumulated savings. The outcome is that financial security is often put off for later, which inevitably becomes never. Here’s a list of wise financial choices you should make as soon as possible.

    1. Finding the Best Life Insurance
      Finding the best life insurance can go a long way in keeping you financially secure today. Look for life insurance plan that provides financial support to loved ones in the unfortunate case of the policyholder’s demise and is tailored to your needs as the estimated proportion of deaths in India due to non-communicable diseases (NCDs) such as diabetes, cardiac conditions, cancer, and autoimmune disorders has increased from 37% in 1990 to 62% in 2016. Data provided by the Indian Government alleges that in 2016, 1 in 10 Indian women and 1 in 7 Indian men are likely to be diagnosed with NCDs.

      Buying life insurance in one’s 30s or sooner requires investing an average of only 500 rupees a month, making it an affordable option for collecting a lump sum that is exempt from tax. One such form of life insurance is a term plan. A term insurance plan pays out a certain sum, if a sudden demise occurs within the stipulated time frame in the plan. In addition to being exempt from tax, the premium for term insurance is much lower than other insurance policies, providing a life cover of 1 crore with affordable premium costs.
    2. Division Of Assets
      Writing a will and appointing nominees may seem unnecessary, but these practices are often forgotten until misfortune strikes. Hiring a financial advisor is advisable if you would like to simplify, speed-up, and tailor the process of dividing assets to one’s preferences.
      While writing a will is often overlooked as an alternative for Estate Planning. Estate planning not only protects your beneficiaries from familial conflicts but also reduces the tax burden for them. Estate planning is preferred over a will as it does not involve  probate.
    3. Covering Loans
      Servicing loans like credit card bills, house loans, and auto loans for one’s time of death could burden loved ones with complexity of payment options and processes. Paying off debt soon will save money.
    4. Retirement Plans
      An option for retirement planning is to invest in mutual funds, which can offer an annual rate of return as high as 12%, and even 15% in rare cases. However, the amount that remains after you retire primarily depends on when you start investing. Take the following example:
      A. Invests 5000 per month in equity mutual funds starting at age 30
      B. Invests 10,000 per month in equity mutual funds starting at age 40
      C. Invests 30,000 per month in equity mutual funds at starting age 50
      On the surface, it appears that C will have the most significant returns since the amount invested is much higher. Calculations reveal that the retirement corpus saved in A’s case is Rs 2.82 crore, in B’s case, it’s Rs 1.33 Crore & in C’s case its Rs 79 Lakh. Since the cost of delaying investment for retirement is high, it is wise to start now.
    5. Budgeting
      When you invest in a great term insurance plan, you learn how to budget your savings. This is probably why 42% of those who budget save money. To successfully operate on a budget, you can figure out how much of your earnings you can devote to your home, transportation, food, and general lifestyle habits. Then get rid of unnecessary payments like the cable cost for the channels you don’t watch, unused gym membership, or the expensive data plan that you don’t require. 

    Hence, it might be risky to put off financial planning for too late, but it is never a bad idea to start too soon. You can browse the PNB Metlife website to know more about the various Term Plans on offer.

    The income tax is levied on all earning individuals who fall under a taxable income bracket. The income tax is paid to the Government of India and is charged annually. However, there are several tax deductions and exemptions that you can claim to lower your tax liability. The Income Tax Calculator helps you ascertain your tax output for a financial year based on your taxable income. This can help you plan well and save tax using the tax-saving deductions and exemptions, if possible. 


    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. 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:, 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


    • 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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    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 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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