What insurance do gig workers or freelancers in India really need?

In a traditional job, your employer usually takes care of basics like health cover, provident fund, and sometimes even life insurance. Gig workers or freelancers don’t get that cushion. With irregular income and no corporate safety net, a medical emergency or accident can wipe out savings quickly. That’s why having the right set of insurance policies isn’t optional—it’s essential.

Health insurance comes first The most urgent cover is health insurance. Even a short hospital stay can cost lakhs, and freelancers can’t rely on company-provided group policies. A basic family floater policy of ₹10–15 lakh should be the starting point, depending on your city. Top-up plans are a smart, cost-effective way to increase coverage without huge premiums. Also, check if your policy covers day-care procedures and modern treatments that are becoming common in private hospitals.

Term life insurance if dependents rely on you If your income supports your family—spouse, kids, or ageing parents—term life insurance is a must. It’s the cheapest way to create financial security for dependents if something happens to you. The cover amount should roughly be 10-15 times your annual income, enough to replace lost earnings and take care of debts or future expenses like education.

Disability and accident insurance often overlooked As for gig workers, their biggest risk is not just dying early, but losing the ability to work due to an accident or disability. Personal accident and disability insurance can step in here. These policies pay out a lump sum or monthly income replacement if you can’t work after an injury. They’re not very expensive, but they’re often neglected. For someone whose income depends on being physically fit—like delivery workers, designers, or photographers—this cover is especially valuable.