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    Debunking the Common Term Plan Myths

    Last Updated On 08-08-2018

    term insurance offers a financial blanket to your loved ones’ in case of an unforeseen event. Basically, a term plan will make sure your loved ones can continue living the same lifestyle in future.

    So, if you have heard any myths on why not to buy a term plan, we tell you the reality and debunk the most common myths:

    • I am single and no plans to mingle, so I don’t need a term plan - You might be single now but nobody knows the future. Also, some term plans may also assist in financial emergencies like unemployment or critical illness. A term plan can always be customised to provide additional benefits during your lifetime. So, play safe and buy a term policy based on your customized requirements. 
    • My employer has covered me in group insurance plan - Your contract with your employer lasts if your employment tenure in his/her company. You would ultimately look for a better opportunity and switch jobs or even start something on your own. So, you should rely on your individual insurance plan which will be suited for your needs and not just your employer’s plan.
    • I have just turned 25, I don’t need insurance - Young generation can garner maximum benefit from a term insurance plan. They will be charged lower premium and they can lock the small premium amount at an early age. Also, it is never too early to buy a term policy. For unforeseen situations, you would not want your financial liabilities to fall on your parents or family. Especially for young people, it is imperative that they buy the best plan which will become comparatively costly as they grow up.
    • Term insurance companies will find loopholes to reject claims - IRDAI is the government body regulating all Indian insurance companies’ activities. Their rules and regulations provide a common framework for all companies to process claims. IRDAI’s strict regulations ensure impartiality and prevent frauds. 
    • I need coverage, only twice my income - You should buy a term insurance plan based on your future needs and growth potential of your job. The coverage should not be decided based on your current income only. If the benefits are going to be reaped in the future, then the plan should reflect future requirements. Also, inflation and economy growth makes it necessary that your future financial planning does not necessitate adjustments from your beloved family members. So, buy a future-proof term policy that will cover your entire requirement.
    • It’s very complicated to buy term plan - Term Plans are the simplest form of life insurance. They do not hold cash value. So, it reduces the need to keep a track of your premium cover to find out how much goes into risk coverage and how much goes into policy loan repayment. And, nowadays you don’t even have to run behind insurance agents or fill lengthy forms to buy a term policy. Buying term plan is as simple as going online and buying a pair of socks on Amazon. Simply fill up all your details, make the first payment and enjoy your term insurance benefits.

    Most of us underestimate the importance of getting term insurance plans. A term plan not only offers life cover for you, but works as a financial blanket for your loved ones. And, that’s why, a term plan is a must-have in your financial portfolio. So, with all your myths debunked, go and buy your term plan today!


    The aforesaid article presents the view or 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 incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance 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

    EC357 LD/2019-20/373

    • 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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