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Self-employed people choose term life insurance

The number of issued term insurance policies to self-employed Indians has increased by 25% between July 2021 and September 2023, this is stated in the regulator's report.
Self-employed people choose term life insurance

Term insurance policy is one of the simplest and most affordable forms of life insurance that covers family's expenses in the event of the tragic death of the policy owner.

“Self-employed individuals appear to be holding to a common practice of selecting term insurance coverage equal to approximately 10 times their annual income. India has little tax incentive for those buying life insurance,” said Rishabh Garg, Head of Term Insurance at Policybazaar.com.

Self-employed individuals typically purchase their first life insurance products at age 26. The age range of 26-40 years makes up 68% of the total client base of self-employed people.

“As your liabilities increase, so should your insurance coverage. You should assess your debts and incomes. Only this will allow us to calculate insurance coverage,” commented Anup Seth, chief distribution officer at Edelweiss Tokyo Life insurance.

The demographic group of term insurance buyers is dominated by self-employed men accounting for 89%.

Source: https://www.business-standard.com/finance/personal-finance/term-plans-see-10-surge-among-self-employed-41-opt-for-ulips-study-123121900164_1.html

Photos are from open sources.

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