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    FAMILY PROTECTION

    The importance of Life Insurance for financial security

    Last Updated On 04-12-2017

    The sudden and untimely demise of a family member is something that we don’t typically want to think about. But we should. You should think about this deeply if you’re a senior member of your family, more so if you’re the breadwinner. You should think about what will happen to your family in case of you’re not around anymore. This is a difficult subject to consider, but an important one. 

    Your family would be emotionally broken in such a situation, but they shouldn’t be financially broken as well. The one way to ensure that your family is taken care of financially after you is by purchasing life insurance.

    Life insurance is an agreement between the insurance company and the policyholder. According to the agreement, the policyholder pays a premium amount for the term of the policy and in return gets a cover for a specific amount. This cover is usually much higher than the premium paid. In case of the demise of the policyholder during the term of the policy, the insurance company pays this cover amount to the policyholder’s family.

    This is essentially how life insurance works. Life insurance is supposed to be considered as an expense. There are some types of life insurance policies that provide investments or periodic income, but they don’t fulfill the purpose of life insurance adequately. The goal of a policyholder should not be to get something out of life insurance. The goal should be just financial protection in case of an untimely demise. This is why term insurance is the best kind of life insurance. It provides cover for a big amount at a lower premium.

    Life insurance should ideally be bought at a young age. The younger you are, the cheaper the premium will be. Young earners in their 20s typically don’t think of life insurance because they don’t have dependants at that time. But later on in life, you will start a family and life insurance at that later stage will be more expensive. Hence, it is best to start with a term insurance policy at a young age.

    Apart from this, the other benefit of life insurance is that the premium can also be claimed as a tax-saving deduction. The Income Tax Act has a Section 80C under which up to Rs.1.5 lakh can be claimed to reduce your taxable income at the time of filing income tax returns. Life insurance premium is one of the expenses that can be claimed under Section 80C.

    Life insurance can be bought online as well as offline. Whatever mode of purchase you choose, make sure you don’t procrastinate and buy life insurance as soon as you can.

    Source: cleartax.in

    *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.

    Disclaimer:

    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: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in 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

    BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS /FRAUDULENT OFFERS
    • 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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    *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.

    Disclaimer: 
    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: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in 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

    BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS /FRAUDULENT OFFERS
    • 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.

    Disclaimer

    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 claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. 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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