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Imagine you are 30 years of age and earn a limited income but have a wife and child to support. You are the sole breadwinner of the family and in constant stress about what will be your family’s future in the event of your untimely death. The best way to mitigate this stress is to purchase a life insurance policy.
However, numerous life insurance companies are offering you with so many options! Term insurance, endowment plans, unit-linked plans, money back plans, and so many more. What is the right decision to take? What plan to opt for? All the life insurance plans provide you with tax* benefit under Section 80C of the Income Tax Act 1961; so, what plan do you think you should opt for?
For individuals with limited income, it is preferable to choose a term insurance plan. These plans are very cost-effective and offer high coverage at meagre premium costs. To better know why term insurance, you need to understand what term insurance is.
Term insurance is where the insured pays a fixed sum of money or premium at regular intervals for a specific term or period. In return, the insurer agrees to pay the sum assured to the insured’s beneficiaries post their demise during the specified policy’s term. This means if one survives during the term, the term insurance will not provide any maturity benefit. However, many insurance companies have now come up with new plans where the insured would be eligible to receive a percentage of his premium as a maturity benefit.
There are several reasons as to why term insurance is considered to be one of the most sought after and cost-effective life insurance plans. Some of the same are listed below:
Life Insurance is a critical part of a holistic financial plan. However, not all can afford the high premium costs of some life insurance plans. Term Insurance offers a high value of death benefit at extremely affordable premium prices. Factoring all the reasons mentioned above, buying term insurance is highly profitable than other investments!
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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 email@example.com or firstname.lastname@example.org. 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.