Choosing the best insurance policy, especially a life insurance policy in India, can be challenging. With so many options available, finding a plan that aligns with your needs and provides adequate protection for your loved ones is crucial.
At PNB MetLife, we understand that selecting the right life insurance plans involves careful consideration of your financial goals, working years, and future expenses.
So, we've got you covered whether you're looking for a basic term plan, a policy with investment benefits, or something tailored to your family's unique circumstances.
Life insurance plays a vital role in securing your future goals and providing financial security to your loved ones. It offers a safety net in times of uncertainty and ensures that your family members are protected financially even when you are not there to support them.
A life insurance policy is a financial contract between the policyholder and the insurance company. It outlines the terms and conditions of the policy, including the coverage provided, premium payments, and the process of filing a claim. The policyholder pays a premium to the insurance company in exchange for the coverage. In case of the policyholder's death, the insurance company pays out a death benefit to the beneficiary as specified in the policy.
A life insurance policy is of utmost importance for the financial well-being of your family members or dependents. It gives them a sense of security and ensures they are financially protected in case of your untimely demise. The death benefit provided by the life insurance policy can be used to meet various financial needs, such as daily living expenses, education expenses, mortgage payments, and other financial obligations. Knowing that your loved ones will be taken care of financially in your absence provides peace of mind.
A pure protection plan, or term insurance, offers coverage for a specific term or number of years. This type of policy does not have a savings or investment component and focuses solely on providing financial protection. It offers a higher coverage amount at a lower premium than other life insurance policies.
Maturity benefits apply to specific life insurance policies, such as savings plans. The maturity benefit is the money paid out to the policyholder at the end if the policyholder survives the policy term. Depending on the policy's terms and conditions, it can be a lump sum payment or regular income.
The policyholder can either withdraw the maturity benefit as a lump sum or convert it into a regular income stream based on their financial needs and preferences.
Some life insurance policies, such as endowment policies, offer guaranteed returns on the policyholder's premiums at the end of the term, irrespective of market conditions. This low-risk investment option provides security and stability to the policyholder who wants to ensure their savings grow over time. These plans offer insurance coverage and wealth creation, providing the policyholder financial security and peace of mind.
Life insurance policies can also be used as a wealth-creation tool. Wealth-creation policies, such as market-linked or investment plans, allow the policyholder to allocate a portion of their premium towards investment funds linked to market performance. The returns on this dual beneficial insurance depend on the market's performance and can provide higher growth than traditional savings instruments.
Life insurance policies offer various tax benefits under the Income Tax Act. The premiums paid towards a life insurance policy are eligible for tax deductions under Section 80C of the Income Tax Act. The deduction is limited to Rs. 1,50,000 and is available for premiums paid for self, spouse, and dependent children. Additionally, the death or maturity benefit received under a life insurance policy is tax-free under Section 10(10D) of the Income Tax Act. The tax benefits provided by life insurance policies help policyholders reduce their tax liability and maximise their savings.
Riders are additional benefits that can be added to a life insurance policy to enhance the coverage provided. These riders offer additional protection and financial support in case of specific events or situations. Some common riders include:
This rider provides an additional sum assured in case of death due to an accident.
This rider provides a lump sum payment if the policyholder is diagnosed with a critical illness specified in the policy.
This rider provides financial support in case the policyholder cannot work due to disability in the future.
Riders offer a flexible and customisable option to enhance the coverage of a life insurance policy based on the policyholder's specific needs and requirements.
Life insurance policies offer flexible premium payment options to suit the policyholder's financial convenience and cash flow. The premium payment term is usually the same as the policy term; policyholders can pay premiums annually, semi-annually, quarterly, or monthly, depending on the policy terms and conditions. Some policies also offer the flexibility to increase or decrease the premium payment amount at any time based on the policyholder's financial situation.
Life insurance is a combination of insurance coverage and retirement benefits. These plans help individuals build a retirement corpus over time and ensure a steady income stream during their retirement years. This plan offers the option to pay premiums over a specified number of years and provide a lump sum payment or regular income during retirement. The income can be a pension or annuity, providing financial security and stability during retirement.
Life insurance policies allow you to take out loans against the policy during emergencies or to meet financial needs without surrendering the policy or terminating coverage. The loan amount is typically a percentage of the surrender or the policy's cash value. Remember, the policy acts as collateral for the loan, and the loan amount needs to be repaid with interest within a specified time frame.
Term insurance is ideal for individuals looking for pure protection and financial security for their loved ones. This is one of the best life insurance policies in 2024. It offers a high coverage amount at a lower premium and a death benefit to the beneficiary in case of the policyholder's death during the policy term. It provides financial protection to the policyholder's family members or dependents and ensures they are financially secure even when the policyholder is no longer there to provide for them.
TROP plans are suitable for individuals who want to ensure that their premium payments do not go to waste and want to receive a lump sum amount at the end of the policy term. In this insurance plan, the premium the policyholder pays is returned to them at the end of the term as a maturity benefit if the policyholder survived the terms. This feature makes TROP plans unique, providing insurance coverage and a premium return.
Whole life insurance provides lifelong coverage and ensures that the policyholder's family members or dependents are financially protected even after the policyholder's death. It offers life coverage, the money paid to the beneficiary in case of the policyholder's death. These insurance policies also have a savings or investment component, allowing the policyholder to build a cash value over time. The policyholder can access this cash value during their lifetime for various financial needs.
An investment plan is a type of life insurance policy combining insurance coverage with a savings or investment component. It offers the opportunity to build savings or invest in the market for wealth creation over the long term.
Let’s discover a few such options from PNB Metlife:
A Unit Linked Investment Plan (ULIP) combines insurance coverage with investment opportunities, letting you grow your wealth over time. You can put money as a part of your premium in market-linked funds, which offer higher growth potential than traditional savings. ULIPs provide a death benefit to beneficiaries and a maturity benefit to the policyholder. They offer flexibility and transparency, allowing you to manage and switch funds based on risk tolerance and market trends.
A guaranteed return plan, an endowment policy, is life insurance. It blends insurance coverage with wealth growth, offering financial security and peace of mind. These plans ensure a fixed rate of return regardless of market fluctuations, providing policyholders with a predetermined sum at the end of the policy term. Guaranteed by the insurer, these policies offer stability and reassurance, making them attractive to those seeking low-risk investments.
Retirement plans are life insurance specifically designed to help people save for retirement. They allow you to make flexible plans tailored to your needs, helping you prepare for a worry-free retirement. You pay premiums for a while, and when you retire, you get either a lump sum or regular payments, like a pension. This ensures financial stability once you stop working, letting you maintain your lifestyle.
If you ask which life insurance is best for me to protect my children's future, I will tell you to invest in a child plan. Child plans are a smart way for parents to secure their child's future. This special life insurance is meant to help parents save for their child's future needs, like education and marriage. They offer insurance coverage and a way to grow wealth, ensuring parents can support their child's dreams. If something happens to the parent, the child gets a payout, and if the parent survives, they receive a payout at the end of the policy.
When thinking about your working years in terms of a life insurance scheme, you're really talking about when you're earning money to support yourself and your family. You need to figure out how long you plan to work and how much your loved ones depend on the income you bring in during that period.
When you chart out your regular expenses, you create a detailed list of all the money you spend regularly. This includes bills, utilities (electricity, water, and gas), groceries, and other necessities to maintain your lifestyle. By taking the time to do this, you clearly understand your financial commitments and how much money is required to cover them each month or year.
This helps you choose a life insurance policy sufficient to cover these expenses without facing financial hardship if you are no longer here.
When considering landmark stages in your family's life, consider significant events like marriage, having children, or buying a home. These milestones often come with new financial responsibilities and obligations. For example, consider providing financial support for your spouse when you get married. When you have children, you'll want to ensure they are provided for financially, including their education and future expenses. Home purchases like mortgage payments and property taxes may increase your financial commitments.
Each of these events may necessitate adjustments to your life insurance coverage to ensure that your family's changing needs are met and that they can maintain their living standard, regardless of what life throws their way.
Choosing the best life insurance policy in India depends on your specific needs and financial goals. It is essential to assess your financial situation, consider your working years and future financial obligations, and evaluate the coverage amount needed to meet these needs. Research and compare different life insurance policies from trusted companies such as PNB MetLife.
PNB MetLife offers a wide range of life insurance products to cater to diverse needs and provide comprehensive coverage and benefits. Read below to learn which life insurance is best and explore policy details.
This type of family insurance is the best insurance plan in India, especially for families with young children, a single income source, or high financial responsibilities. You will get a lump sum payout or periodic payments to beneficiaries, ensuring they have the funds to cover living expenses, debts, or other financial obligations.
A long-term savings plan combines life insurance with a disciplined savings component. It allows you to build a financial corpus while providing life insurance coverage. You can contribute regularly, and your money grows with interest, creating a significant savings pool for future needs like education, home buying, or retirement. These plans often offer tax benefits and are easily accessible online.
A child education plan is a life insurance policy specifically aimed at securing funds for your child's education. It provides a lump sum or staggered payments at key educational milestones, like when your child enters college. These plans often come with a built-in life insurance component, ensuring that your child's education is still funded if something happens to you.
A retirement plan is designed to support your financial needs during retirement. You make small, regular contributions that grow over time, creating a pension-like income stream when you retire. Retirement plans can include various payout options, such as lump sums or monthly annuities, and may offer additional benefits like loan facilities or guaranteed returns. This plan provides peace of mind by ensuring you have a reliable income source during retirement.
Group Solutions life insurance is designed for businesses or organisations to cover employees or members. This is one of India's best life insurance companies, offering a range of benefits, from basic life insurance to health and accidental coverage. Group solutions are often more affordable per person than individual plans, making them a cost-effective way for employers to offer employee benefits and boost workplace morale.
Riders are additional benefits or options that you can add to your basic life insurance policy. They allow you to customise your coverage to suit your specific needs. Common riders include accidental death coverage, critical illness coverage, waiver of premium, and disability income. Riders allow you to enhance your insurance policy, offering additional protection for various situations without needing separate policies.
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.
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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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