India is home to over 300 million self-employed individuals, accounting for nearly 50% of the country's workforce. This diverse group includes gig workers, small business owners, freelancers, and independent professionals including doctors, lawyers and architects, among others.
Self-employment is the largest source of employment in India, playing a crucial role in driving the economy. The government, through various initiatives, is focusing on fostering self-reliance. Despite their immense contributions, self-employed individuals face significant challenges in securing financial protection, particularly in accessing adequate term life insurance coverage.
Challenges faced by the self-employed
Unlike salaried employees who often benefit from employer-sponsored insurance policies or regular incomes, self-employed individuals often encounter several hurdles in obtaining term life insurance. The key challenges include:
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