Is it possible to get term insurance without ITR or salary slips in India?

India is witnessing an entrepreneurial transformation, with independent consultants, creative freelancers, and retail business owners emerging as some of the strongest drivers of the country’s economic momentum. The self-employed sector is no longer just growing. It is reshaping the way India works, builds, and does business. According to industry reports, an overwhelming 76 percent of India's working population identifies as self employed, taking charge of their own careers and scaling businesses on their own terms1.

Furthermore, research indicates that the broader gig workforce in the country is expected to expand to 23.5 million workers by the end of the decade². This independence offers unparalleled freedom, allowing professionals to design their lives without being tethered to a conventional corporate structure.

While building a business is highly rewarding, it also requires taking full ownership of your financial infrastructure. Salaried professionals often rely quietly on employer backed benefits like provident funds and group life cover. For independent professionals, the absence of these built in benefits can sometimes create income replacement gaps and long term goal uncertainty. Without the automatic safety net that a salaried employee takes for granted, self employed individuals must actively design their own financial security to ensure their families are protected against unforeseen events.

The cornerstone of any solid financial foundation is pure life cover, which provides crucial income replacement. Yet, when independent professionals set out to purchase a policy, they often encounter a system built primarily for the salaried class. Traditional underwriting processes usually demand regular salary slips or multiple years of income tax returns. For a freelancer with variable monthly income or a new business owner who has not yet filed extensive returns, navigating these rigid documentation requirements can be highly challenging.

Fortunately, modern financial solutions are evolving to support the realities of independent work. Bajaj Life iSecure II, a non-linked, non-participating, individual life insurance term plan, is a pure term insurance plan designed around the diverse financial realities of today’s individuals, including professionals and the self‑employed. It shifts the focus from rigid paperwork to genuine protection, offering a relaxed underwriting approach. Professionals have the option to apply without an income tax return, as the plan accepts alternate income proofs such as bank statements or valid business transactions to assess eligibility*.

Adapting to irregular income cycles

One of the defining features of running a business or a freelance practice is that income fluctuates. Some months bring substantial revenue, while others might be slower. The Bajaj Life iSecure II policy treats this income irregularity as a design consideration rather than a liability. It features an auto cover continuance benefit, which allows policyholders to delay their premium payments by up to 12 months while keeping their protection entirely intact*. This ensures that a temporary lean period in business does not result in a lapsed policy, giving freelancers the breathing room they need to stabilise their finances.

Customised payouts and comprehensive riders

Independent professionals also need flexibility in how their families receive financial support. Bajaj Life iSecure II offers a flexible payout option, letting you decide whether your nominee receives the benefit as a one time lump sum, a steady monthly income, or a combination of both*. Buyers can also select from three variants based on their long term goals. The life variant focuses purely on high coverage for family protection, the return of premium variant gives back the total premiums paid upon maturity, and the easy variant offers a simplified issuance process*.

To completely replace the comprehensive safety net usually provided by corporate employers, policyholders can layer their term plan with optional riders at an additional cost. Adding the critical illness benefit or accidental permanent total or partial disability riders ensures that a sudden medical emergency or a loss of earning capacity does not derail the family's financial stability.

Ultimately, securing the future is the most empowering step an independent professional can take. Reframing protection as the structural foundation that every serious self employed professional needs in place before anything else ensures long term peace of mind.

With tailored solutions that understand non standard income, you can focus entirely on what you do best: scaling your business and building a prosperous future.

FAQs for gig workers and freelancers

I just started freelancing and do not have an ITR yet. Can I still get coverage?

Yes. It is possible to apply for term insurance even if you have not filed your returns. You can submit alternate income proofs such as recent bank statements or records of valid business transactions to establish your financial health.

How do I manage premium payments if my client payments are delayed?

Look for plans with built in flexibility. For instance, Bajaj Life iSecure II includes an auto cover continuance benefit. This allows you to defer your premium payment for up to 12 months without losing your risk cover, giving you ample time to steady your cash flow.

What if I want my family to receive a monthly payout instead of a large sum?

You can easily tailor the payout structure. With Bajaj Life iSecure II, you have the option to choose how your family receives the claim amount, whether as a lump sum, a monthly income, or a combination of both to help them manage their routine expenses better.

Can I choose to stop the policy if my business scales up and I create enough wealth?

Yes. Certain variants offer an early exit option. This feature allows you to exit the policy before its maturity once your need for insurance is over, returning the premiums you have paid subject to specific policy conditions.

*Conditions apply

References:

1. Trading Economics. (2026). India, Self Employed. Retrieved from https://tradingeconomics.com/india/self-employed-total-percent-of-total-employed-wb-data.html
2. NITI Aayog. (2022). India's Booming Gig and Platform Economy. Retrieved from https://www.niti.gov.in/sites/default/files/2022-06/25th_June_Final_Report_27062022.pdf

Disclaimer: This article has been produced on behalf of Bajaj Life by Times Internet’s Spotlight team.

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