Does your employer provide corporate term insurance coverage?Do you think it is adequate for your family?

Though a term insurance cover from the employer secures your family in your absence; it may not be sufficient. Let’s see how.

1. Standard Cover Not Based on Your Needs
   As everyone’s life insurance needs are different, therefore, the quantum of life cover should depend on factors, like current income, inflation, current liabilities, etc. Unfortunately, the employer group term life insurance doesn’t take this into account. These plans act more like ‘one-size-fits-all’ option. One cover is offered to all employees, irrespective of their income and liabilities. 
2. What If You Switch Jobs or Start Your Own Business?
   Employer’s coverage is linked to your job. If you switch job, you may have to buy a term cover, just in case, your new employer doesn’t offer life cover. Similarly, if you want to start your own venture, you must buy a term cover for yourself.
   
   However, it can be expensive for you. Term insurance premium rates are lower for younger buyers. Also, once you buy the plan, your premium gets locked for life. But, if you missed buying early, the premium for the term plans rises and will be more expensive at the age of 35 than what it was at 25.
3. Additional Benefits May Not be Available
   Life is full of risks. Philosophically, that’s what makes it so interesting, but let’s not forget about the risks other than to our dear life. Risk of hospitalisation for a life-threatening disease is increasing day by day. Although the most common of them, like heart attack and cancer, are treatable, the costs could be high.
   
   The costs for such treatments do include not only the treatment cost but also the living cost. Since such ailments can impact your earning power, it is possible that your income takes a hit in this period. Thus, you need an emergency financial support to look after both the treatment and living expenses.
   
   Same goes for accident risks. These risks can be easily covered by additional covers and riders with your term insurance plan. However, most of the corporate term insurance plans do not include these riders.
4. Lack of Tax Saving
   Finally, we come to tax savings. The employer pays the premium on the group term cover, and any tax benefit on this expense is available to the employer. However, if you buy a term plan, you can avail the tax benefit up to Rs 1.5 lakh under section 80C. For the riders of critical and accidental insurance, the tax deduction is also available under section 80D.
   
   Thus, buying term cover not just keeps your family and financials safe, but also reduces your tax liabilities. 

How to Buy PNB MetLife Mera Term Plan?
You can buy PNB MetLife Mera Term Plan online within minutes. Go to PNB MetLife’s website and provide basic information like name, income, age etc. You can view your premium based on the cover and term you select. As you proceed further, you can add optional additional benefits/riders like critical illness benefit, accidental death and disability cover at a nominal cost.

Once you have calculated the premium and are satisfied with the additional covers selected, you can go ahead and complete the remaining questionnaire and pay the premium. You can also choose to pay the premium on a monthly/yearly basis.
The information provided in the forms will be evaluated by the insurer, and if everything is in order, your policy will be issued in a few days.