Term insurance for self-employed: Besides securing family, cover biz debt

Online insurance platform Policybazaar.com witnessed a 58 per cent year-on-year rise in term insurance sales to self-employed individuals in 2024–25 (FY25), with millennials and Gen Z constituting 88 per cent of buyers. Women made up 15 per cent of self-employed buyers in FY25, up from 9 per cent in FY20. These figures point to the growing awareness among the self-employed regarding the need to buy financial protection for their families. 

Key risks 

Families of the self-employed face significant financial uncertainty upon the policyholder’s death. “The primary source of income is lost. There may be outstanding personal financial obligations. And there