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    Secure Your Family’s Financial Future with a Term Insurance

    Last Updated On 29-10-2020

    We live in a rapidly, dynamic financial world where the possibilities, as well as risks, are tremendous. Newer and more affordable instruments of financial planning get introduced into the market on a regular basis. This has made financial security for your loved ones a wise financial planning decision and at reasonable rates.

    Life Insurance: The necessary financial planning product

    Keeping in mind the ever-increasing inflation and desire for wealth creation, purchasing a life insurance plan while still making money is not only wise but also an integral aspect for building a fruitful financial legacy for your family. With the wide number of options available in terms of financial products as well as competition in the financial industry, it is imperative that you make the right choice and focus on building the right portfolio while doing your financial planning.

    Life Insurance is the best way to secure your family’s future in the unfortunate event of your passing. Further, term insurance is considered to be the most suitable financial planning product with the ability to secure a sum assured of 15-20 times your annual income without the burden of heavy premiums.   

    What is Term Insurance?

    Term insurance is a life insurance product where you agree to pay a fixed sum of amount or premiums to the insurance company for a fixed term in exchange for a sum assured/death benefit for your family and loved ones. You can buy term insurance either online or through physical insurance agents. However, most people nowadays prefer buying their term insurance online either through the company’s website itself thereby, eliminating the middleman or through websites of online aggregators where you can compare plans’ features, terms, rates, claim settlement ratio, etc. across several companies. Buying term insurance online may be  cheaper than buying one through agents and buying it through the company’s own website will be cheaper than an aggregator, since the commission or brokerage would be completely eliminated. 

    Why should you include Term Insurance in your financial planning?

    The main advantage of making term insurance a part of your financial planning is that the premium payment is much lower than the payable under a basic endowment plan. Further, the coverage is broader as compared to a basic life insurance plan bought at the same premium amount.

    There are various kinds of term insurance available in the market which you can opt for based on your financial planning requirements:

    1. Level/ Basic Term Insurance Plan
      This is a regular vanilla term plan where you agree to pay a fixed premium to the insurance company for a specific pre-defined term in exchange for death benefit/ sum assured payable to your family in an unfortunate event of your passing. The coverage under the basic plan is relatively sizeable.
    2. Increasing Term Insurance Plan
      In this plan, the coverage increases every year at a pre-determined rate. This plan takes into consideration the inflation rate and ensures that the insurer is never underinsured. Under this plan, the premium amount is relatively much higher. 
    3. Decreasing Term Insurance Plan
      In this, the coverage decreases every year. The main reason why this plan is included as a part of someone’s financial planning is to cover repayment obligations that reduce over time, such as a home loan or education loans. In this plan, the premium amount is relatively lower than a level or increasing term insurance plan.  
    4. Term Plans with Riders
      Riders are additional coverages that you can opt for at a nominal rate over and above your basic term insurance plan. Some of the popular riders include waiver-of-premium cover, accidental death cover, loss of employment rider, disability coverage, etc. 
    5. Term Plans with Return of Premium
      This is like a typical life insurance plan but with a pre-defined term. In the event, the insurance holder outlives the term of the term insurance policy, the premium paid by him is returned back to the holder post completion of the term.

    Term insurance plans are attractive forms of life insurance since they provide you with the benefit of not only tax saving under Section 80C of the Income Tax Act, 1961 for your financial planning along with the death/maturity benefit of a life insurance plan but also offers you a much higher coverage at a lower premium.  

    Visit PNB MetLife to know more about Long Term SavingsTerm Insurance & Term Plan

    *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.


    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. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
    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.. Phone: 080-66006969, Website:, Email: 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


    • IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.


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    Collapsed Expanded

    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 or 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 PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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