Self-employed term insurance purchases soar by 50% YoY: Study

A Policybazaar study reveals a 50% year-on-year increase in term insurance purchases by self-employed individuals in cities like Delhi, Chennai, and Bengaluru. The study attributes this surge to the growing awareness of the importance of financial security among self-employed professionals. Flexible family plans and comprehensive coverage options have made term insurance more attractive to this demographic. The report highlights that self-employed individuals are increasingly prioritizing financial protection for their families, driven by the uncertainties of their income streams. The trend underscores the need for tailored insurance products that cater to the unique needs of self-employed professionals.