Term insurance purchases spike 50% among Indian millennials, self-employed

Purchases of term insurance among Indian millennials and self-employed individuals have surged by 50%, driven by tailored plans and the growing gig economy. The rise of young entrepreneurs has increased demand for flexible insurance options, according to Policybazaar. Insurers like Max Life, Tata AIA, HDFC Life, and Bajaj Allianz have developed products specifically for self-employed individuals, simplifying the process by removing the need for traditional income documentation. Digital metrics like credit or loan history are now used to gauge financial stability. This trend reflects rising financial awareness and the need for business owners and freelancers to secure their families’ financial futures. The growth is largely due to term plans that don’t require traditional income documentation, making it easier for self-employed individuals to access insurance. Major insurers have developed products specifically for self-employed individuals, broadening their market reach.