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    While Buying A Term Insurance, Be Careful Of These Common Mistakes

    Last Updated On 22-08-2018

    Term insurance is a type of life insurance. Only if the insured person passes away while the policy is active, the nominee of that term insurance policy will be given the returns of the policy. However, if the insured person outlives the tenure of the policy, no death benefit is received at the end of the term plan of the policy.

    Before making any decisions on buying a term insurance policy, some aspects ought to be considered. One should clearly plan an estimate of various financial liabilities, such as educational expenses, household expenses, retirement expenditures, weddings etc. It is advised that one should compare all the expenses against the savings to calculate where they might be falling short. Only after comparing all these expenses can one select a plan that will not be a burden on your income in the long run. 

    While choosing a term insurance policy, to avoid mistakes, people should never rush into zeroing on one term insurance. A term insurance should be chosen wisely. 

    Here are certain mistakes that can be avoided while buying a term plan: 

    Choosing a Short Tenure
    It is important for people to understand that a term insurance policy does not benefit them, if the policy holder outlives the policy tenure. In the pursuit of paying lesser premiums and saving money, people are misguided in thinking that a shorter tenure will fetch them many benefits. In fact, having a shorter-term plan incurs losses for the policy holder rather than incurring benefits. 

    Opting for Insufficient Cover
    The idea of having a term insurance policy is that, your family should be able to survive in case of your sudden absence. In that case, a term insurance policy should be at least ten times your current income ideally. Only then will your family be able to survive against the inflation rates with the passing years. A high amount policy seems ideal to investors, and makes them buy a term insurance, which turns out to be drastically less, to sustain their families in their absence. If the family is not able to survive, the whole purpose of the term insurance policy becomes redundant.

    Neglecting to Compare
    The insurance market is full of numerous players with various competitive benefits. It is a wise move to do a complete research and thorough analysis of the market to find the right policy. Every individual has different aspects which they are looking for in their term insurance policy, therefore, one should find the term insurance policy that fulfils their needs the best.
    It is a common instance, where people skip conducting a thorough research and end up regretting with the policy, which they invest in eventually. 

    It is important to remember that the end goal of a term insurance policy is to look after your family in your unforeseen absence. It is advised to never compromise on the benefits of the policy to save some money. It is your family’s future that is in question here.

    There are various options that are available in the market. You will surely find a term insurance policy that will suit you the best. All that one must do is research, compare and take a well-deliberated decision for their family.

    Visit PNB MetLife website to know more about mera mediclaim plan, long term savings & more.


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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 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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