With life insurers altering their income assessment criteria for the self-employed, more people from this category are opting for term policies (which are pure insurance covers). Online insurance platform Policybazaar.com witnessed a 10 per cent jump in the issuance of term insurance policies to self-employed individuals between Q2 FY22 and Q2 FY23. Self-employed individuals often encounter hurdles in obtaining term insurance due to the absence of standardised income proof.
India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report
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