No salary slip? Still fully covered
Freelancers, professionals and business owners get asked for more paperwork, not because you're a worse risk, but because insurers verify income differently. Here's how to get the cover you deserve.
Cover that actually works for you
Income proved through ITRs
Insurers size your cover off your filed returns, usually the last two to three years. Consistently filed ITRs are your biggest asset here.
No employer safety net
You have no group cover or gratuity behind you. That makes personal term insurance more important for you than for a salaried peer, not less.
Covers business liabilities
Business loans and personal guarantees don't disappear. Cover sized to include them keeps your family clear of them.
Flexible premium payment
Income can be lumpy. Annual premiums timed to your strong months beat a monthly mandate that might bounce.
Tax benefits
Premiums qualify under Section 80C and the payout is generally tax-free under 10(10D), subject to prevailing rules.
Right-fit insurer
Some insurers are far more comfortable with self-employed applicants than others. We steer you to the ones that will actually approve you.
Find the right fit
Not sure which one suits you? That's exactly what our free call is for.
Pure term
Maximum cover at the lowest premium, the sensible default.
Most owners
Term + business cover
Cover sized to clear business loans and personal guarantees too.
Loans outstanding
Increasing cover
Cover that grows as your business and income grow.
Scaling up
Term + critical illness
Adds a lump sum on serious illness, vital when your income stops if you do.
Sole earners
What to prepare as a self-employed buyer
- Two to three years of filed ITRs, the cleaner and more consistent, the higher the cover
- Bank statements and audited accounts if you run a company
- Cover that includes business loans and any personal guarantees you've given
- An honest declaration of your occupation and any hazardous activities
- A premium schedule that matches your cash flow, so it never lapses
- The insurer's appetite for your profession, some are far friendlier than others
Advice with zero spam
Talk to IRDAI-certified advisors who get paid to help you, not to push a product. No call-centre scripts, no endless follow-ups.
We handle the paperwork
From shortlisting to medicals to policy issuance, we stay with you end-to-end so nothing falls through the cracks.
Claims support for life
When you need to claim, our team helps you file, follow up and get paid, for as long as you hold the policy.
Term Insurance for Self-Employed FAQs
Absolutely. Insurers use your filed income tax returns instead, typically the last two to three years. Consistent ITRs are what unlock a high sum assured.
Insurers generally work off an average of recent years, leaning conservative. A steady filing history smooths this out, and we'll pick an insurer comfortable with variable income.
Broadly 10 to 15 times your average annual income, plus loans and business guarantees. If your ITRs understate your real earnings, the cover offered will too, worth planning ahead for.
It's harder, since most insurers want two to three years of returns. Some will still consider you, especially with strong banking history. It's worth a conversation rather than assuming no.
Often yes. If you stop working, your income stops entirely, there's no sick leave. A lump sum on serious illness matters more for you than for someone salaried.
Insurers we place term insurance for self-employed with
Life insurance
Get term insurance for self-employed advice you can trust
Book a free, no-obligation call. We'll help you choose the right cover, and nothing you don't need.