Skip Navigation
0 of 0 Displaying
 |   Displaying

No Results


    5 reasons why you must-have a Term Insurance

    Last Updated On 04-01-2020

    According to a 2014 report, the number of sudden disease outbreaks has been on the rise. A number of emerging infectious diseases have also seen an increase. These outbreaks don’t discriminate - they can hit anyone, anywhere. 

    This points to an increasing and urgent need for protective measures like life insurance. However, most Indians don’t have life insurance. Less than 4% of Indians are covered by life insurance - one of the lowest numbers anywhere in the world. What’s worse is that this number has been falling since 2009. A significant portion of the general population remain financially unprepared.

    Being unprepared doesn’t just hurt you individually - it also hurts your family.

    Term insurance is one of the most popular ways for people to provide a safety net for their families in times of need. At a fixed premium, term insurance guarantees a certain amount of money to your family if you unexpectedly pass away within the period covered by the insurance. Let’s look at the 5 reasons you should buy term life insurance:

    1. Life is uncertain: Intelligent financial planning requires that you are financially secure, in both sickness and in health. Term insurance is how you protect your family from financial turbulence at a time of crisis. Losing a loved one is painful enough. In such times, a term insurance plan makes sure that the focus stays on emotional healing, and not on cutting corners to afford essential goods and services. This is why it’s critical to stay prepared.

    2. Tailored to your needs: In today’s day and age, insurance policies are getting personalized. In addition to the base insurance policy, additional provisions known as riders are also offered to customers. At slightly higher premiums, you can add features that provide your family with enhanced coverage in certain cases. With an accidental death benefit rider, your family can avail additional benefits if your demise is due to an accident. The critical illness rider lets you liquidate a part of your insurance before your death to pay for medical bills.

      Insurance schemes are also becoming increasingly sensitive to the needs of different people. For instance, you can buy increasing insurance, where you pay lower premiums at the start of your plan. This is usually the period in people’s lives when expenses are the highest. Increasing insurance policies allows people to start off with lower premiums and catch up later.

    3. Decreases your tax burden: The money paid as premiums can be deducted from your income when calculating your income tax. This may put you in a lower bracket and decrease your tax burden. It can potentially erase your tax burden entirely - you can claim a tax deduction up to Rs. 1.5 lakhs under the Income Tax Act of 1961. Under Section 80C and Section 10(10D) of the Income Tax Act, you can avail tax deductions not only on the annual premiums you pay towards your policy but also on the payout you receive from your insurance provider.

    4. Effortless Access: Endless paperwork can be very off-putting for most people. Today, you can apply for, and receive, term insurance online. You can also compare and contrast different insurance policies easily. Everything from the exact premium you will need to pay to the exact benefits your loved ones will receive is clearly stated. All the information that took time and effort to get before is now available with a single click.

    5. It’s a good bargain: Term insurance is comparatively cheaper than whole life insurance. With whole life insurance, you build up a cash reserve that will one day be handed over to a selected beneficiary. With term insurance, your goal is different. You are ensuring that your dependents will be taken care of in case you pass away at a time when they are at their most vulnerable. When you are 65 years old, your kids may not need a safety net. But when you are 45 years old, they would. You can buy the term insurance that specifically covers such years of your life. 

    To know more about the various Term Plans on offer, you can go through the PNB MetLife websites. At affordable premiums, you can have the assurance that your family will be taken care of if the worst comes to pass. 

    The income tax is levied on all earning individuals who fall under a taxable income bracket. The income tax is paid to the Government of India and is charged annually. However, there are several tax deductions and exemptions that you can claim to lower your tax liability. The Income Tax Calculator helps you ascertain your tax output for a financial year based on your taxable income. This can help you plan well and save tax using the tax-saving deductions and
    exemptions, if possible. 



    *Tax benefits are subject to conditions and other provisions of the Indian tax laws and are subject to amendments made thereto from time to time.


    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.


    All you need to know about changes in Form 16

    The IT Department is constantly trying to make the income tax filing process more efficient, transparent, and easy for the taxpayer as well ...


    Basic investment advice for beginners

    Investments are an essential part of financial planning. It’s advisable to begin investing as early as you can, so there’s enough time for your mon...


    Can I pay zero tax at an income level of Rs 9.5 lacs?

    If you’re a salaried employee and earning around Rs. 9.5 lacs per year, the burden of income tax could erode a huge portion of your earnings. Fortu...


    Direct Tax and Indirect Tax: Key Differences

    In India, the taxes levied by the government are divided into direct and indirect taxes. The direct and indirect taxes in India are differentiated ...


    Everything you need to know about India’s Income Tax structure

    In India, income tax is a direct tax levied by the Central government. The tax structure in India follows an equitable model wherein everybody is t...

    Want to know more about how you can protect your family?

    See all our articles

    Get a Callback

    OTP sent successfully

    Thank you for getting in touch with us. We will contact you shortly.


    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.

    Site best viewed in following browsers
    Chrome 70+ , IE 11+, Firefox 76+, Safari 11+

    Get a Callback Get a Callback

    Ask khUshi

    Hi! I’m khUshi. How can I help you?