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Life Insurance for Gig Economy

A gig economy is a free marketplace in which temporary positions are common and companies contract with independent workers for short periods of time. Gig workers, instead of receiving a regular income, receive payment based on the completion of one-time gigs or projects that require a limited duration commitment. Despite being the fastest-growing segment of the workforce, gig workers in India have an irregular income source, and any sudden expense has the power to destroy their stability. 

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Driven by increasing demand from gig workers, insurance companies have introduced simple life insurance solutions that include daily to weekly insurance covers as per their requirements to financially protect them from any uncertainty. Let us see the benefits of buying life insurance for gig economy and the plans best suited for them.

Why is Life Insurance for Gig Economy Important?

The gig economy offers a lot of flexibility and freedom to take on jobs that fit within a person’s interests. These jobs include freelance workers, tutors, fitness trainers, delivery boys like a Swiggy or Zomato rider, or coaching. But the gig economy suffers from getting themselves and their families insured. Gig economy workers are independent workers and thus don't have the benefit of getting coverage under employers’ insurance. This disparity prevents them from getting the life assurance they may need since they don't have a fixed income source. 

Various insurance companies are offering comprehensive insurance coverages for the new set of workers that depends on their productivity and on meeting their targets on an hourly basis. The demand has increased so much that insurance companies sometimes have to toggle different insurance covers as the gig workers switch from one company to another within a short period. 

Unlike a contractual or permanent employee, the gig economy worker may not easily buy a term insurance plan. However, they can buy the Saral Jeevan Bima plan, where gig workers can receive a lump sum payment of up to 100% of the sum assured amount to secure their family's future in the long run.

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What are the Benefits of Buying Life Insurance for Gig Economy?

Let us take a look at some of the benefits of getting life insurance for gig economy workers.

  • Financial Security

    Life insurance plans provide much-needed financial security to a gig worker’s family. This is by providing them with a death benefit in case of the policyholder’s unfortunate death. It can be helpful in families where the gig economy worker is the family's primary income earner. It can also be beneficial for people working in high-risk jobs like drivers, builders, factory workers, or laborers.

  • Affordable premiums

    Life insurance for gig economy workers is available at affordable premium rates. You can get a large life cover at premium rates as low as just Rs. 325 payable monthly. 

  • Rider benefits

    You can include add-on riders in your life insurance for gig economy to increase the coverage of your base plan. These riders can be added by paying an extra premium along with the base premium rate. 

  • Long-term coverage

    You can get coverage for a longer term by paying premiums at affordable premiums with life insurance for gig economy.

  • Flexible premium payment frequency and modes

    You can choose to pay the premiums in a single, limited, or regular premium payment term and pay the premiums at your own convenience on a monthly, quarterly, half-yearly, or yearly basis.

  • Comprehensive Coverage

    Life insurance for gig economy is available for individuals from all backgrounds, irrespective of their educational qualification, occupation, gender, or place of residence.

  • Tax benefits

    You can avail of tax benefits as per the prevailing tax laws.

Which is the Best Plan for the Weaker Sections of the Society?

Saral Jeevan Bima is the simplest term insurance plan that offers a death benefit on the untimely death of the policyholder. These plans are the perfect options for those who can’t afford term life insurance plans but still want to secure their loved ones against any eventualities. These plans offer a life cover starting from Rs. 5 Lacs and can be purchased by people with low income as well.

How Saral Jeevan Bima Works?

Let us understand the working of the Saral Jeevan Bima with an example:

Suppose a 25-year-old non-smoking male who works in a factory, purchases a PNB Saral Jeevan Bima to secure his wife and two kids in his absence. If he purchased the plan for a sum assured of Rs. 15 Lacs and the policy cover extends till 60 years of age, then his monthly premium will be Rs. 397 only. This way even a person who doesn’t have a high educational qualification or a large annual income can also purchase a plan to secure their family.

Why Saral Jeevan Bima Might Be the Perfect Plan for Gig Economy?

  • In regular term insurance plans, the segments having low educational qualifications, living in remote areas, and being employed in professions that are considered hazardous by the insurers are charged higher premiums as their chances of living healthier are lower. However, there is Saral Jeevan Bima which is to be offered to all individuals without restrictions on residential place, education, and occupation. Even people with a low-income profile or less educational background can buy this term plan. With this plan, where gig workers can receive a lump sum payment of up to 100% of the sum assured amount to secure their family's future in the long run.

  • These plans offer a life cover starting from Rs. 5 Lacs and can be purchased by people with low income as well.

  • Earlier, self-employed individuals earning around 3 to 5 lakhs per annum were not able to buy term plans due to the non-availability of income proof. With the Saral Jeevan Bima plans, they can avail of term insurance plans by offering an option of income surrogate such as submitting a registration certificate of your car or two-wheelers as a financial surrogate to your income proof. 

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Best Saral Jeevan Bima Plans for Gig Economy workers

Gig economy workers can buy the following plans at affordable premium rates: 

  • PNB MetLife Saral Jeevan Bima 

  • ICICI Pru Saral Jeevan Bima 

Why Gig Economy Workers Should Buy PNB Saral Jeevan Bima? 

Gig economy workers can benefit from PNB MetLife Saral Jeevan Bima Plan in the following ways:

  • Death Benefit: Your family will be paid a death benefit in case of your unfortunate death during the policy term. This plan will pay a death benefit on death during the waiting period of the plan as well as after the end of the waiting period of the policy. This plan allows you to rest assured that your family will be financially secure in the event of your unfortunate absence.

  • No Medical: You can purchase the PNB Saral Jeevan Bima from Policybazaar with no medical exam.

  • Policy Term: You can choose the most suitable policy term as per your requirements. The plan offers a policy term ranging from 5 to 40 years.

  • Premium Payment Option: You can pay the premiums at your convenience, in a single lump sum, limited premium payment term, or regular premium payment term.

  • Waiting Period: After purchasing the policy, there is a waiting period of 45 days. This waiting period is not applicable for death due to accidental reasons or on the revival of the policy.

  • Policy Cancellation: The plan allows you to cancel the policy at any given time and the applicable policy cancellation value will be paid to the policyholder.

  • Grace Period: The policy has a grace period of 30 days for yearly and half-yearly premium payments whereas for monthly premiums the grace period is for 15 days.

  • Revival Period: In case of a lapsed policy, you can revive the plan within 5 years from the date of the first unpaid premium. You will need to pay the interest along with the remaining premiums.

  • Free-look Period: You can go through the policy documents within the policy term of 30 days (for online policies) and return the policy back to the company if unsatisfied with the T&Cs of the policy.

Eligibility Criteria for PNB MetLife Saral Jeevan Bima

Here are the eligibility conditions for the PNB Saral Jeevan Bima policy.

Parameters Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 23 years 70 years
Sum Assured Rs. 5 Lacs Rs. 25 Lacs
Policy Term 5 years 40 years
Premium Payment Mode Annual, half-yearly, monthly

Why Gig Economy Workers Should Buy ICICI Pru Saral Jeevan Bima?

Here is a list of benefits offered by the ICICI Pru Saral Jeevan Bima plan:

  • Death Benefit: This ICICI Life insurance policy provides financial protection to your family in your absence. On death during the policy term, the death benefit will be paid to your nominee. 

  • Premium Payment Flexibility: You can pay your premiums in a single lump sum amount, limited premium payment term, or for the entire policy term.

  • Policy Term: The plan offers a policy term ranging from 5 to 40 years. You can choose a policy term according to your needs.

  • Waiting Period: The policy has a waiting period of 45 days starting from the day of policy purchase. During this period, only death due to accident is covered under the plan, and on death, due to any other reasons the entire premium amount will be returned.

  • Free-look Period: The plan provides a free-look period of 15 days for offline policies and 30 days for online policies. You can review the policy documents and return the plan if unsatisfied.

  • Grace Period: You will be eligible to receive a 30-day grace period for yearly and half-yearly premiums and a 15-day grace period for monthly premiums.

  • Policy Cancellation Value: If you surrender or cancel the policy before the maturity date, you will receive the applicable policy cancellation value at the point of surrender.

  • Revival Period: You can revive the lapsed policy within 5 years from the date of the first unpaid premium by submitting the interest applicable and the remaining premiums.

Eligibility Criteria for ICICI Pru Saral Jeevan Bima

Let us look at the eligibility criteria for the ICICI Pru Saral Jeevan Bima Plan.

Parameters Minimum Maximum
Entry Age 18 years 65 years
Maturity Age - 70 years
Sum Assured Rs. 5 Lacs -
Policy Term 5 years 40 years
Premium Payment Mode Annual, half-yearly, monthly

FAQs

  • Who are included in the gig economy?

    Ans. People who work for a short term or have a limited period work contract, are included in the gig economy.
  • Do gig workers get benefits?

    Ans: Gig economy workers can get benefits by buying a life insurance plan. These plans secure the financial future of the policyholder’s family in case of their unfortunate death.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term policy calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term life insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
  • What are the benefits of term life insurance?

    Ans: Below mentioned are the key features of a best term life insurance in India:
    • Affordable premium rates
    • Long-tenure life protection
    • Easy to understand and buy
    • Riders availability
    • Whole life protection
    • Tax benefits
  • What are the key features of a best term insurance plan in India?

    Ans: Let's understand what is term plan here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.

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