Safety and security comes first when family matters are concerned. Money plays a vital role in everyone’s life; hence, earning money is of utmost necessity. However, spending money judiciously is a still more important task and should be handled with care. Throughout the earning period, funds should be separately allocated under various heads to address different needs of the family. This should be maintained for smooth running of a livelihood. However, one should always be prepared for unprecedented circumstances. Here, life insurances play a significant role and often acts as a financial support to several families who have suffered the untimely loss of their only bread-earner.
It is impossible to predict unforeseen circumstances. Insurance policies are a must under such cases. Most individuals consider it safe, secure and a very important decision to invest in life insurances. Life insurance policies are dedicated to provide a certain financial coverage to the beneficiary of the insurer/policy holder under circumstances of the insurer’s untimely demise. This is done in exchange of an affordable premium which should be paid over regular intervals, be it on a monthly, quarterly or annual basis over the entire policy term. Several banks and financial institutions have launched life insurance policies in the market for customers, and also offers host of lucrative benefits in addition. Term insurances have also attracted interest of many and here are a few points for first-time readers, for their familiarization with term insurances. The basic features of term insurances are: –
- The agreed amount (death benefit) will be paid to the beneficiary of the insurer under circumstances of untimely death of the insurer before the expiry of the policy term.
- The insurer should pay a premium to the financial agency over the entire policy term. The frequency of premium payment is flexible and can be chosen by the insurer.
- Life insurance premiums are liable for tax deduction under Section 80C of the Income Tax Act, 1961. This allows income tax exemption up to a maximum of Rs.1.5 lakhs annually.
- Term plans can be categorized into single and joint life term plans. In the latter, financial coverage for both the insurer and his spouse are provided. Under cases of sudden death of the husband (say), the wife will be entitled to the death benefit of the husband and vice versa. Under events of the death of the couple, the death benefit will be handed over to the immediate next beneficiary in line.
PNB MetLife’s term insurance plans are specifically dedicated to the welfare of their customers. They offer unique benefits like online premium calculator, 99 years life coverage under term plans category, completely online fresh insurance application process, flexibility to increase life cover pertaining to the customer’s requirement, lifestyle and needs. PNB MetLife also has a dedicated team which is always ready to offer 24×7 expert advice to customers in need of consultation. Their constant efforts for serving their customers with the best professional treatment has made them a favourite and one of the most sought after names in the domain of life insurances.