As adults, we all have different responsibilities. However, one that most of us have in common is the responsibility to take care of our families, especially if we are the breadwinner. In many instances that boils down to choosing the right health insurance for your family as well as the best family protection.
It’s also worth noting that there’s no shortage of family protection plan options to choose from. With that said, what is family protection and what are the benefits for you and your family?
Family Protection Insurance is a type of life insurance policy that provides financial stability for family members in the event of the primary insured person’s death. It covers living expenses, healthcare, education, and other bills that may arise due to their sudden absence. Additionally, it can provide funds for funeral expenses and debt payments. This type of insurance helps cushion families from the financial burden of losing a loved one.
What is a protection plan? In a nutshell, the term “protection plan” generally refers to a collection of policies that cover different members of your family. Some of the events that may lead you to need insurance for your family include the following:
In many instances, if you are the breadwinner in your family, you are responsible for every aspect of their welfare. That usually means that the entire financial responsibility lies on your shoulders.
With that said, in the unfortunate event that something happens to you, your family will have no source of income. Family protection insurance ensures that your family is taken care of in any eventuality.
Having insurance plans set up for your family provides you with the peace of mind that your loved ones will be financially secure. Additionally, plans such as family health cover will assist with financial obligations in the event of an accident or illness within the family.
A family life insurance product is essential when you want to keep your family protected in the event of the main breadwinner’s passing. There are many types of life insurance and choosing the most lucrative option is essential.
Opting for a plan with critical illness cover is essential because you never know when you or a family member will be diagnosed with a critical illness. The good news is that most family protection plans these days provide critical illness cover for heart disease, stroke and even cancer.
Furthermore, the money paid out under this cover will enable you to continue paying aspects such as rent, utility bills or anything else that can’t be paid if you’re off sick for extended periods.
Another feature to look out for are the income protection benefits that go along with your family protection cover. This will ensure that the policyholder is still able to take of their family if they are absent from work due to a temporary illness, which may not always be covered under the critical illness aspect.
A family term insurance plan involves the policyholder paying a certain premium to be covered for the duration of the policy. The PNB MetLife Mera Term Plan Plus is a standard term plan that’s well-known for being one of the more popular term insurance plans in India.
Money-back policies involve insuring your life for a specified amount as well as offering you money-back. These money-back options are paid to the insured at regular intervals. The PNB MetLife Family Income Protector Plus offer money-back features.
Receiving money back enables you to plan for short to medium-term plans in your immediate future.
With a Unit Linked Insurance Plan, part of the policy premium serves as life insurance coverage. This is then paid out to your family in the event of your death. The PNB MetLife Smart Platinum Plus plan is a whole-life protection for your family.
A pension policy is a plan taken in preparation for your retirement. This ensures that you have a stable income after retirement. A popular pension policy is the PNB MetLife Retirement Savings Plan.
Joint life insurance plans are created especially as insurance for family members. This plan ensures that your spouse and family are taken care of in the unfortunate event of your death. The PNB MetLife Income Protection Plan is an example of this.
This type of policy ensures that your children are financially taken care of if something happens to you or your spouse. Whatever happens, your children will be financially looked after. One of the child insurance plans you can opt for is the PNB MetLife Child Education Plan.
A family protection plan ensures that your family is financially secure even when you’re no longer there.
Family Life Insurance Plans for Everyone
A wide variety of options allows you to find the perfect cover for your budget and family needs.
Getting Something in Return
Some plans offer maturity benefits, cash-back payments and affordable premiums.
This refers to policies where money is paid out twice on the same policy. The first time will be when one partner dies. If the other partner dies, the children will receive a second payout.
Policyholders may qualify for tax benefits or rebates under the relevant tax laws.
Some family protection plans don’t only pay out in the case of death. These policies also pay in the case of permanent or temporary disability.
Family protection plans exist for different family needs. Policies can be chosen to cater to each family’s requirements.
One of the more impressive features of life insurance is that it provides your family with financial stability if you should suddenly die. Aside from compensating for the loss of income, the lump-sum payout can cover education and medical expenses.
One of the top benefits of life insurance is that certain types of policies will work toward securing you and your spouse’s retirement planning.
If the breadwinner suddenly passes away, many families are left struggling to pay their usual monthly expenses. With the right types of protection insurance, these costs will be taken care of.
Debts such as mortgage and credit card bills will be paid in the event of your death, ensuring that there isn’t an additional financial burden on your family.
A family protection cover is the ideal way to ensure that your children’s education is taken care of if you should die before their schooling is complete.
Choosing an insurance policy with a maturity benefit enables you to create wealth that can be used to achieve long-term objectives.
Invest in life insurance for your family as soon as possible. There’s no need to wait for an eventuality to happen.
Always opt for a life insurance plan that answers the question, “how to protect your family.” Compare plans to find the best family protection policy.
Don’t only compare benefits, but prices too!
With many options available, it’s recommended to shop around for the best protection plan.
Always check if the sum assured will be enough to secure your family’s financial future.
Compare different life insurance plans for your family. This will ensure you select the best possible option.
With the information provided in this post, it’s clear to see that family protection insurance is essential. It’s one of the more efficient ways to ensure that your family members are financially taken care of for several eventualities.
Everyone who has family members depending on them for financial support should invest in some type of family protection insurance. This will give the policyholder peace of mind that his loved ones are taken care of.
A family protection plan is ideal for anyone—even people who don’t have a family. This is because it will cover you in the event of illness.
Pros:
Cons:
Family term insurance plans on offer include the following:
A life cover portion pays out a lump-sum in the event of the policyholder’s death. This can then be used to cover financial obligations.
Creating a savings account or opting to rely on state benefits are two of the more common alternatives to family protection. However, these two options may not provide the coverage needed in the event of a serious illness.
Piyush Kataria, SEO Manager at PNB MetLife, is a seasoned digital marketing strategist with over a decade of experience in optimizing websites for search engines. His expertise extends to keyword research, content strategy, technical SEO, and link building, all of which have been instrumental in driving organic traffic growth at PNB MetLife. With a strong foundation in life insurance, Piyush leverages his industry knowledge to create targeted and effective SEO campaigns.
Sakshi Malhotra is a seasoned marketing professional associated with the Life Insurance industry since 2007. At PNB MetLife, she heads Digital Marketing and Direct to Customer line of business. She is responsible for driving effective customer engagement through the company’s website and social media channels. In addition, she drives customer online buying journeys to help them buy the right product.
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
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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.
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Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, 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. Phone: +91-22-41790000, Fax: +91-22-41790203.
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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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