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Do you run a small or medium-sized business? COVID might have impacted your primacies to some extent, but these are all part of life. What about the condition of your family in these situations? Are they secured? However, having uncertainties in your life does not mean that your loved ones should remain unsecured from the financial consequences of natural incidents. Life insurance plans, majorly term insurance plans can protect your family financially and help them fulfill their life objectives even in case of your absence. So, Nowadays, it is a necessity to opt for a term insurance for self-employed person as early as possible.
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Note: Know more about what is term insurance first before reading this article.
Term Plans
Term Insurance is the most popular type of life insurance product. It is a pure life protection plan that helps the policyholder to keep their family financially safe and secure in case of an unfortunate demise leading to their loss of life. It is a contract between a policyholder and an insurance company, in which the insurer provides coverage for a specific ‘term’ in return for a specific premium amount paid over a time. If in case a policyholder dies during the policy term stated in the policy, a death benefit is paid to the insured’s family members.
In order to make your selection easy, let’s discuss 5 reasons why you need Term Insurance for Self-Employed Person:
A self-employed person lacks employer benefits such as health and life insurance cover, employee provident fund. Being the employer yourself, you are required to spend some amount to protect your family members in case of any eventuality. At the same time, it is also very important to invest some money on a regular basis towards your retirement and other financial objectives, including marriage and children’s education.
Thus, a term insurance plan is much needed to take care of your family’s goals in case you cannot complete investments because of any eventuality.
Being a self-employed taxpayer, you can utilize the tax-savings scheme to lessen your personal income tax. The term insurance plan provides tax savings benefit under section 80C of the Income Tax Act, 1961. The premium of term insurance along with other investments can decrease your taxable income in a fiscal year by up to 1.5 lacs.
You should take ‘cost of business ownership transfer to the next generation’ into consideration in case if anything happens to you or you will not be able to contribute to the business. The new generation might take some time to understand the requirements of business and may need some amount of money to continue the process of operations. This involves the loans and financial requirements you generally have in your business. If in case you have availed a loan for expanding and branding your business, your term plan should also cover this.
The term insurance plan offers 30 years of cover along with a 1-time payment of premiums. This simply means that your loved ones will remain financially secure and safe from the eventualities irrespective of the markets or performances of the business.
You can save a term life cover of Rs. 1 Crore with a premium amount of about Rs. 1.5 lacs at 30 years of age. This type of premium rate makes term insurance more effective for the financial security of your family.
Term insurance has a number of additional term insurance benefits which are useful in several cases. The right term insurance plans offer accidental disability and critical illness cover also. Both these conditions can be financially destroying for your loved ones especially when you are self-employed. These cases depend on your health, and physical disabilities and critical illness are two risks to your capacity.
Apart from all these, there are other reasons as well such as:
Self-employment does not always offer you a stable income. Whether you are working as a freelancer or running your own business, your income can vary for different times of the year. In these situations, months having low income can be a difficult time to save and your savings can become inconsistent. However, if you are investing in a term insurance plan, you are eligible to pay a regular amount of premiums to keep your policy in force. If in case you fail to pay premiums on time, your policy can lapse. This works as a deterrent and makes sure that you pay your amount of premium, and keeps your family members protected and secured. In addition to this, term plan premiums are pocket-friendly, so you can easily secure a large sum assured amount at low premium cots even at the time of low liquidity.
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
Self-employment can be a lot hard these days. This sector is more vulnerable to the fluctuations happening in the market and the economy. COVID-19 is one apt example that how self-employed people have struggled to keep their savings consistent. In case of an unforeseen event of your death, the liability to settle your loans and debts comes to your dependents. The sum assured amount from a term plan can help your dear ones to repay your debts/loans.
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As necessary as a term insurance plan is for everyone, its prominence is further improved in the case of a self-employed person. As a self-employed person, you may already be facing a number of challenges in your life. Your earning may not always be stable and can fluctuate depending on time. So, the difficulties in running a business or planning for more income opportunities can be difficult. A term insurance for Self-employed person is a one-stop solution.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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