Income Protection Insurance For Self Employed

Income protection insurance for self employed helps you and your family by providing your loved ones with a regular monthly income if something happens to you. If you're self-employed, your income may not be fixed each month, but your family's needs stay the same. This plan works like an income replacement through term insurance, covering important expenses like household bills, EMIs, and your child's education. This way, your family stays financially secure, even if you're not around to support them.

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Let us look at the benefits and features of income protection insurance for self employed individuals.

What Is Income Protection Insurance For Self Employed?

Unlike salaried individuals, those running self-employed businesses don't have a fixed income. Establishing or expanding such a business may require loans, which must be repaid. Repaying these loans can prove to be challenging for your family if you're no longer alive. A term life insurance plan can, therefore, address this concern, ensuring the financial well-being of your family, even in your absence.

Term Insurance for self-employed individuals is a life insurance plan designed to provide coverage for a specific period, known as the policy term. This plan offers financial protection to the nominee or beneficiary in the event of the policyholder's unexpected death during the specified policy term.

Let’s understand this with the help of an example:

Ashok, a non-smoking man of 32 years of age with an annual income of Rs. 11 Lakhs, bought a term life insurance plan (a type of life insurance) to secure his family financially. As the sole breadwinner for his family, he aimed to ensure purchasing one of the best term plans for his loved ones. After comparing various term plans, he selected the one aligning best with his preferences. Ashok opted for a 1 Crore life cover for a policy term of 30 years, committing to paying Rs. 930 per month for the same term plan tenure. Therefore, in the unfortunate event of his death, Ashok's income will be substituted by the life cover, which his nominees will receive as the death benefit.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

What Are The Benefits Of Income Replacement Insurance For Self Employed?

The benefits of income protection insurance for self employed are as follows:

Continuation of Legacy: Income replacement term plans serve as a crucial lifeline for self-employed individuals, ensuring the uninterrupted flow of their business/legacy by providing essential financial support during unforeseen circumstances.
Financial Accessibility: With unstable incomes, an income replacement insurance plan remains a financially feasible choice for self-employed professionals, offering the necessary protection without imposing a significant strain on their budget. .
Simplicity in Understanding: The straightforward terms of income protection insurance for self employed are designed with simplicity in mind, allowing business owners to comprehend the coverage easily and concentrate on their work without worrying about unnecessary complexities.
Tax Efficiency: Income protection insurance for self employed individuals presents a financial advantage with potential tax benefits. The premiums paid may qualify for deductions, contributing to a reduction in overall tax liabilities and providing an additional layer of financial relief.
Overall Family Security: Income replacement insurance plan extends beyond business considerations, ensuring the comprehensive financial security of one's family. By acting as a safety net, it guarantees that loved ones can uphold their lifestyle and meet financial commitments in the absence of the life assured individual.

*Note: You can use the term insurance calculator to calculate the premium amount of your chosen term plan.

Why is Income Protection Insurance Important for Self-Employed Individuals?

Self-employed individuals don’t have employer benefits like sick leave or group insurance. This makes it even more important to secure their income. Income protection insurance, through a term plan with monthly payouts, ensures that your family continues to receive a steady income if you’re unable to work due to illness, disability, or death.
Instead of a one-time lump sum, this plan provides monthly income, helping your loved ones manage regular expenses like rent, EMIs, and education without financial stress. It offers much-needed stability in times of uncertainty.

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How To Buy Income Replacement Insurance For Self Employed From Policybazaar?

Here are the steps to buy Income Replacement Insurance for self employed from Policybazaar:

Step 1: Visit Policybazaar’s official website and then click on ‘Term Insurance’
Step 2: Fill in the basic details such as DOB, you name and other contact details
Step 3: Then, click on ‘View Plans’
Step 4: Mention more details about your smoking or tobacco habits, annual income, occupation and education
Step 5: Choose the income replacement insurance plan that suits your financial needs and then proceed to pay
Step 6: Finally, select your preferred payment method and pay to complete the purchase

*Note: It is advisable to know what is term insurance and compare first and then proceed to buy the ideal term plan.

Wrapping It Up!

For self-employed people, an Income Replacement Insurance plan is a very important financial decision. Whether you are the business owner or have dependents relying on you, safeguarding your business and ensuring family security is vital. Consider exploring term plans from over 15 insurers on Policybazaar to find the best fit for your specific needs. This allows you to select an ideal term plan that meets your requirements and offers comprehensive financial protection for your loved ones or business.

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month 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 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/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 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/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 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/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 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 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

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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