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Term Insurance for Self Employed

Self-employed individuals work hard to earn a living and fulfil their financial goals. They also aim to provide for their families financially. In their absence, the family might suffer a financial loss. This is where a term insurance plan can help. Term insurance plans are protection-oriented life insurance plans that cover the risk of premature demise so that their family’s lifestyle is not hampered. Read More

Self-employed individuals can consider opting for term insurance plans to help them secure themselves and their families against unforeseen circumstances.Read Less

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Writer Palak
Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewer Rosy
Reviewed By Rosy Pathak
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Rosy Pathak, AVP- Product and Brand Marketing at Bajaj Allianz Life Insurance carries over 17 years of experience in Marketing and a demonstrated history of working in the insurance industry. She is skilled in Product Management, Planning and Strategy, Project Management, Marketing and Communication.
Written on: 2nd December 2024
Modified on: 4th February 2025
Reading Time: 20 Mins
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Why should Self-employed Individuals Buy Term Insurance?

Here are some reasons which make term insurance plans a suitable choice for self-employed individuals:

Financial Protection

Financial Protection

Term insurance plans provide coverage against the risk of premature demise. If the life assured dies during the policy tenure, a death benefit is paid. This benefit can help the family care for their financial needs even when the breadwinner is not around. This provides financial protection to the family against the risk of the unforeseen demise of the life assured.

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Suitable Coverage

Suitable Coverage

Term insurance plans allow optimal sum assured levels, allowing you to get complete financial protection against the risk of demise. You can choose coverage that is optimal for your financial needs. Moreover, term plans offer long-term tenure options for maximum coverage. You can also choose the whole life option, which is available under many plans and gets covered till 99 or 100 years of age.

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Affordable

Affordable

Term insurance plans are affordable. The premiums are pocket-friendly, allowing you to enjoy the coverage without burning a hole in your pockets. Moreover, term plans offer flexible premium payment tenures. You can choose to pay the premium throughout the policy tenure (regular premiums), for a limited period (limited premium) or in one lump sum (single premium). You can also choose a suitable premium payment frequency, as term plans allow monthly, quarterly, half-yearly and annual premium payments.

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Business continuity

Business continuity

As a business owner, your business continuity depends on you. In the case of your premature demise, if the financial needs of your business are not adequately met, it might shut down, even though it is profitable. With its death benefit, a term insurance plan can offer financial assistance that can help with business continuity. In your absence, your family can take up the reins of your business and continue to run it. The funds required to run the business can be sourced from the benefits the term insurance plans have paid.

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Tax benefits

Tax benefits

Like other life insurance plans, term insurance plans also offer tax benefits that help reduce your tax liability. Here are the benefits that you can get -
  • If you buy the policy on or after 1st April 2012, the premiums paid, up to 10% of the capital sum assured, would qualify as a deduction under Section 80C up to ₹1.5 lakhs1.
  • If you buy the policy on or before 31st March 2012, the premiums paid, up to 20% of the capital sum assured, would qualify as a deduction under Section 80C up to ₹1.5 lakhs1.
  • If you buy the policy on or after 1st April 2013 and you suffer from a disease or a disability specified under Section 80DDB or 80U, the premiums paid, up to 15% of the capital sum assured, would qualify as a deduction under Section 80C up to ₹1.5 lakhs1.
  • The death benefit is always tax-free2.
  • If you choose the return of premium term plan, the premiums refunded on maturity will qualify as a tax-free income under Section 10(10D)3subject to satisfaction of conditions mentioned therein.

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Types of Term Insurance Plans for Self-employed:

Different types of term insurance plans are available for self-employed individuals to consider. Some of the common types are as follows –

Factors Description
Increasing term insurance plans: Under these plans, the sum assured increases every year by a predefined amount. This gives you increasing coverage while the premium usually remains the same. For instance, if a term plan increases the sum assured by 10% every year, and the base sum assured is ₹50 lakhs, the sum assured would increase by ₹5 lakhs every year.
Decreasing term insurance plans: This is the opposite of increasing term plans. Under decreasing term plans, the sum assured will be reduced each year. These plans are usually sold with loans wherein the reduced sum assured usually matches the reduced value of the loan. On the borrower’s demise, the outstanding loan is cleared by the reduced sum assured.
Level term insurance plans: These are basic term plans where the sum assured remains the same throughout the policy tenure.
Term plans with return of premium Most term plans do not offer any maturity benefit. If you survive the chosen tenure and the plan matures, you do not get any benefit. However, under term plans with a return of premium, the premiums paid over the policy tenure are refunded on maturity if you survive the tenure.

How to select/choose the best Term Insurance for Self-employed?

Some tips that can help self-employed individuals choose the best term insurance plan are as follows –

  1. The sum assured

    It is recommended to choose a sum assured which covers your financial needs adequately. You can use term insurance calculators to find the ideal sum assured and get optimal coverage.

    As such, you should look for term plans which have no restrictions on the sum assured so that you can choose a level which best suits your needs.

  2. The coverage

    While most term plans offer similar coverage, some plans offer inbuilt riders and optional coverage features like terminal illness cover, accidental death and disablement cover, whole life cover option, return of premium option and more. Check the coverage offered. Look for plans offering a comprehensive scope of coverage for wider protection.

  3. Riders

    Riders are optional coverage features which enhance the scope of the policy on payment of nominal additional premium. Check the riders available and choose optimal ones for enhancing the scope of coverage.

  4. Premium

    Check the premium of the term plan. It should be affordable so that you can pay the premium without incurring any financial hiccups.

  5. Claim Settlement Ratio (CSR)

    Check the CSR of the insurance company. The CSR indicates the percentage of claims settled v/s the number of claims raised. A high CSR is favorable as it increases the probability of claim settlement.

  6. Policy term

    Choose a policy term which aligns with your coverage needs. A long-term coverage is feasible for maximum protection. As a self-employed individual, if you plan to work even after the retirement age, choose long-term coverage. You can also opt for the whole life cover option available under some term plans for longer coverage.

Features of Term Insurance for Self-employed Individuals:

Some of the features of term insurance for self-employed individuals are as follows –

  1. Sum assured:

    Under term insurance plans, the sum assured is usually unlimited. While there might be a minimum sum assured amount, the maximum amount is usually unlimited, so you can choose coverage that best meets your needs.

  2. Coverage tenure:

    You can choose a long-term tenure for a longer coverage. Some plans also offer whole life option which is suitable if you plan to continue working even in old age.

  3. Riders available:

    Optional riders are available for coverage enhancement under most term insurance plans. You can choose from the available riders and add those that provide the coverage that you need.

  4. Online term plans:

    Some term plans are available online, so you can buy them in simple steps. Such plans do not require physical branch visits or physical application and offer quicker coverage.

  5. Return of premium:

    The return of premium option is also available under many term plans, which refund the premium on maturity. You can choose the option if you want a maturity benefit under the plan.

Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Life Insurers, is committed to offering value-packed and innovative products to help you achieve your Life Goals.

99.23%

Claim Settlement Ratio~

Claim Settlement Ratio
1 Day

Get 1 Day Claim Approval%

One Day Claim Approval
AAA

Stable Rating by CARE$

CARE Stable Rating
₹1,21,724 Cr

Assets Under Management (AUM)**

Assets Under Management (AUM)
4.07 Cr

Number of Lives Covered#

Number of Lives Covered
432%

Solvency Ratio of 432%^

Solvency Ratio
Claim Settlement Ratio 2023-24

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2023-2024 | %96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices | $For details refer to press release published by CARE | **All figures as on 31 August 2024 | ^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150% | #Individual & Group.

Conclusion

If you are a self-employed individual, a term plan can be a good choice for protecting your family’s finances. Assess your coverage needs and choose a coverage that aligns with your needs and provides optional protection. You can also choose riders to enhance the scope of the policy and enjoy an all-round coverage. 

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Life Insurance Guide -Term Insurance For Self Employed

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Reference

  1. https://incometaxindia.gov.in/tutorials/20.%20tax%20benefits%20due%20to%20health%20insurance.pdf
  2. https://www.livemint.com/money/personal-finance/how-life-insurance-policies-are-taxed-11665145664260.html
  3. https://economictimes.indiatimes.com/wealth/tax/now-life-insurance-maturity-money-will-not-be-fully-tax-exempt-cbdt-issues-new-tax-rules/articleshow/102797642.cms?from=mdr
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At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

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Bajaj Allianz Life iSecure- A Non Linked, Non-Participating, Term Life Insurance Plan (UIN: 116N109V05)

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

Bajaj Allianz Life Term Insurance with tax benefit up to Rs 46,800

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GET LIFE COVER & SAVE TAXES UPTO ₹46,800$$
Upto 16% Discount on first year premium3
>Get ₹1 Cr Term Plan @ ₹15/day^2
>Get ₹2 Cr Term Plan @ ₹21/day^3

~Individual Death Claim Settlement Ratio for FY 2023-2024

 

^2 Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V02) considering Male aged 25 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Direct Sales Channel | Standard Life | Indian Resident | 1st Year Premium is Rs. 5,118. 2nd Year onwards premium Rs. 5,548. Total Premium Rs. 1,66,010 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Direct Sales Channel Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

 

^3 Above illustration is for Bajaj Allianz Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V02) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Direct Sales Channel | Standard Life | 1st Year Premium is Rs. 7,195. 2nd Year onwards premium is Rs. 7,800. Total Premium is Rs. 2,33,395| Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Direct Sales Channel Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. 

 

3 5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

 

$$Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Tax Benefit is calculated at the rate of 31.20% after considering deduction of Rs. 150,000/- under Section 80C of the Income Tax Act 1961 (under old tax regime)

 

For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

 

Bajaj Allianz Life Insurance Co. Ltd. | Bajaj Allianz Life eTouch II (UIN- 116N198V02) | IRDAI Reg. No. 116

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For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

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