Selecting the right life insurance plan for your family in India is a critical decision that needs careful consideration. With diverse options available in the market, choosing the most suitable one is essential. This article aims to simplify this process by presenting the top 5 life insurance plans for a family to consider before purchasing in India.
These family life insurance plans have been selected based on their features, benefits, flexibility, and reliability, ensuring that they cater to a wide range of needs and preferences.
Whether you are looking for pure protection or Unit-linked insurance, this guide provides valuable insights to help you make an informed decision for your family's financial security.
| Sr. No. | Plan Type | Description and Coverage | Premium Information | Term Details | Benefits and Features | Suitability |
|---|---|---|---|---|---|---|
| 1 | Term Insurance | Provides coverage for a specific term. Beneficiaries receive a death benefit if the policyholder dies within this term. Affordable form of life insurance. Optional riders for additional protection like accidental death or disability. | Generally affordable premiums for high coverage. |
The fixed term varies by policy. |
Death benefit only. |
Ideal for pure life cover needs without investment component. |
| 2 | Whole Life Insurance |
This insurance plan provides lifelong coverage.It also features a savings element that accumulates a cash value over the policy's duration. This accumulated cash can be accessed through loans if needed. | Based on lifetime coverage. |
Lifetime coverage. |
Death benefit and savings component. Option to take a loan against the accumulated cash value. |
Suitable for lifelong coverage and legacy planning. |
| 3 | Endowment Policy | Combination of life insurance and savings. Provides life cover along with a savings component. Pays out at maturity or to the beneficiary on the policyholder's death. | Depending on the type of endowment policy . |
The fixed term varies by policy. |
Life cover and savings. Lump sum payment at maturity. It may include guaranteed additions or bonuses. |
For those seeking life cover with a savings component for financial goals. |
| 4 | ULIPs | Combine life insurance with return in market-linked instruments. Part of the premium goes towards life cover, and the remaining is invested. Allows switching between funds based on market conditions. |
Depends on the chosen funds and policy terms. |
Minimum 5-year lock-in period. |
Market-linked returns along with life cover. Flexibility in fund allocation. Option for partial withdrawals after the lock-in period. Loyalty additions for long-term commitment. |
Suitable for those with a higher risk appetite seeking investment growth and life cover. |
| 5 | Child Plans | Investment plus insurance plans focused on securing a child's future financial needs like education. In the event of the policyholder's death, the plan continues with the insurer contributing the premiums. | Varies based on the policy features and funds chosen. |
Until the child reaches a certain age. |
Ensures financial security for the child’s future—waiver of premium and continuation of policy in case of policyholder's death. |
It is best for parents aiming to secure their child’s future financially. |
Understanding the different types of life insurance available and their respective benefits helps in making a well-informed decision that provides peace of mind and long-term financial stability for your loved ones.
PNB MetLife offers various types of life insurance family plans that are affordable and come with the convenience of online purchase. Always remember to evaluate the financial requirements of your family, considering factors like daily living expenses, future educational costs, and any outstanding debts.
Yes, policyholders have the flexibility to change the nominee in their life insurance policy. This can be done by submitting a nomination change form to the insurance company.
Riders add extra layers of protection to the primary policy. For example, a critical illness rider provides financial coverage for specified illnesses, while an accidental death rider offers additional coverage in case of death due to an accident.
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
Terms & conditions apply, Benefits stipulated are subject to premiums paid and policies in-force. 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.
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, 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.
Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers! |
AD-F/2024-25/356
RELATED PRODUCTS
Rs. 930 Crores
Bonus declared for Participating Policies in FY’23-24
2.35 Lakh+
transactions completed on the khUshi chatbot.
99.20%
Claim settlement ratio for retail business
16500
Locations & strong branch network
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.
Get Trusted Advice
Ask khUshi
Hi! I’m khUshi. How can I help you?
