If there is a profession that is associated with immense respect and reputation in our society, it is that of being a banker. If you are a banker, not only do you help provide financial services to individuals, but also play a huge part in the smooth functioning of our economy.
But while bankers aid the financial health of others, what about protecting their own finances? Also, what about protecting the financial future of their families? Queries like these can be effectively settled by figuring out the type of bankers life insurance that best serves their needs. To know more about the topic, here are a few points that all bankers must consider when it comes to availing term insurance.
As bankers, you are certain to receive certain benefits from your profession. Apart from the satisfaction of helping people with their financial tasks, you also enjoy a secure, respectful job and a sizable income. But if you are a banker, apart from these benefits, your employer bank is also likely to offer you a valuable incentive for your service: an extensive bankers life insurance plan.
This incredible advantage from their employers can help bankers feel protected and be prepared for any adverse circumstances. Banks often offer their bankers a comprehensive group term insurance benefit, thereby taking complete responsibility of their term insurance needs. Under this bankers life insurance policy, a lump sum amount is guaranteed to the family of an employee in the event of his or her unfortunate demise. It is advisable to take advantage of such benefits from one’s bank.
Due to all these variety of advantages of bankers life insurance plans provided by the employer banks themselves, they are typically the absolute best term insurance options for bankers. With coverage for themselves and their family guaranteed by their employer bank, bankers find a simple, convenient and effective method of availing insurance.
Importance of term insurance:
While having the benefit of a bankers life insurance provided by your bank is great, it is also possible that your employer bank might not have a term insurance policy in place for its employees. In such a case, should you as a banker avail term insurance at all? The simple and resounding answer to that question is: absolutely, you should.
Even if your bank does not offer an employee insurance benefit to you, you can take the responsibility of safeguarding your family’s future and financial needs yourself. The best option to make this happen is to avail a beneficial term insurance plan that guarantees coverage and a death benefit to your family in the event of your death. Here are various other reasons why availing a term insurance is beneficial for a banker:
- High educational cost:
As a banker, you must be acutely aware of the hard work and effort you must place to qualify for this respectable profession. Apart from those two factors, however, there is also the overall cost of financing a banking education that comes into play. The financial cost of becoming a banker cannot be understated and often, it is only by means of loans and other liabilities that bankers are able to complete their education.
While your education helps you bring home a sizable income today, in the unfortunate event of your death, these liabilities are likely to become a financial burden to your family members. To protect them from such a circumstance, a term insurance and the extensive coverage it offers is a necessary choice that every banker must make.
Browse the website to know more about Life Insurance, Long Term Savings and the various Term Plans offered by PNB MetLife.
- Tax benefits:
As a banker, no one understands the monetary potential of tax benefits like you do. With term insurance, you are liable to avail up to Rs. 1.5 lakh as tax deductions on your insurance premiums, under section 80C. This makes term insurance a two-pronged tool for your financial health - not only do you secure your family’s finances for the future but help save money in the form of deductions in the present as well.
- Cheaper premiums:
Lastly, of course, term insurance premiums are far more economical than standard life insurance policies. Keeping in mind the premium-to-coverage benefit provided by the two, term insurance always offers you far more worth your money in terms of coverage than traditional insurance plans. The lower premiums are also a great opportunity for you to lower your financial strain while enjoying the benefits of life insurance.
As a banker, you know too well the necessity of having your finances prepared for the worst outcome. So, whether as a benefit by your employer, or as a policy availed by yourself, with term insurance, you can safeguard your family’s future with the right term insurance plan.
- *Tax benefits are subject to conditions and other provisions of the Indian tax laws and are subject to amendments made thereto from time to time.
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.
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