Term insurance policy is one of the simplest and most affordable forms of life insurance that covers the benefit of the policyholder's family in the event of his/her death. All the policyholder has to do is pay a fixed premium and if he/she passes during the policy term, the nominee owners of the policies (usually the family members) will receive a fixed amount of money.
The popularity of the insurance product was influenced by the growth in the number of self-employed people. This group in the country is increasing, especially in the field of information technology, consulting, freelancing, etc.
Financial security: self-employed individuals, without traditional office insurance through an employer, are looking for individual insurance policies for protection against risks associated with health, life, and other unforeseen circumstances.
Indian insurance companies are actively developing and offering new products for the self-employed considering their specific needs and risks, which contributes to the growth in demand for such services.
Indian authorities are also promoting the development of the insurance industry through various programs and tax incentives.
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