MAM
Term insurance for self-employed: A guide for freelancers and small business owners
Self-employment is rapidly becoming one of the top choices among job seekers and businesspeople. It is one of the few employment opportunities where you need not depend on others to pay you. You create your own job and your own profits. This sense of creation and self-satisfaction quickly ripples into other parts of life. That is why term insurance for self-employed is so desirable.
What is term insurance?
Term insurance is a type of life insurance policy which you can avail to secure the future financial well-being of your loved ones.
A term insurance policy is a highly affordable form of life insurance that is available with a very high sum assured as compared to the very reasonable premium rate. The policy tenure may vary from 10-100 years. Additionally, you can choose term insurance policies based on your financial needs.
Here is a list of the types of term insurance available:
. Increasing term plan – They increase the overall sum assured annually, which helps meet the rate of inflation in the future and increases your family’s financial protection.
. Decreasing term plan – They decrease the sum assured annually but use the money to repay lenders and reduce your liabilities.
. Level term plan – They are steadfast term insurance policies that abide by the terms and conditions agreed upon in the initial contract.
. Term insurance with return of premium – These are unique term insurance policies that offer maturity benefit if you survive the policy tenure.
. Single premium term insurance plan – They allow you to purchase a term insurance policy with all its benefits with a single lump sum premium instead of regular payments.
You can evaluate the pros and cons to choose the policy that best suits your needs and those of your loved ones.
What is GST, and how does it affect self-employed individuals?
Self-employed individuals have a lot of responsibilities. Aside from making a living to support your family, you also have financial responsibilities toward the government. This holds true in any country, but thankfully in India, the introduction of GST in 2017 simplified and streamlined the taxation process.
So, what is GST?
GST is nothing but the tax levied on goods and services in India. Earlier, before the government conceptualized what is GST, there were a number of taxes that you had to pay based on your type of profession and income. Now, the single goods and services tax has streamlined the tax that you need to pay so you never violate the taxation laws in the country.
GST has replaced several forms of indirect taxes. This is particularly beneficial for the self-employed as you have taxes levied on your income with variations. Instead, now you can acquire a GSTIN which helps simplify the process of filing your taxes. You can also avail of multiple benefits on term insurance premiums due to a streamlined GST process.
Why term insurance for self-employed is necessary?
Self-employed individuals are highly self-reliant. You create your jobs, make money, and take care of your loved ones. However, the income source may be unstable. Freelancing and self-employment bring you money as it corresponds to individual contracts. Therefore, dry months are a possibility during which you may need to acquire loans or credit. Savings or wealth development also takes time and efficiency.
In the event of your sudden, untimely demise, the liabilities of mortgages, debts, and household expenses transfer to your loved ones. Any outstanding business expenses are also your family’s burden to bear.
Here are a few top reasons why term insurance for self-employed is so important:
. It allows you to build a corpus for your loved ones to handle their future goals and ambitions.
. You can avail of single premium term insurance for self-employed. It helps you acquire the plan’s benefits using a single lump sum premium.
. You can avail of increasing term insurance that assures a higher sum assured. In the future, if your loved ones assess higher liabilities, then the higher sum assured can help navigate the burden without succumbing to the pitfalls of inflation.
. Term insurance for self-employed offers tax benefits which can help you save money while you prepare for your family’s financial security.
. Term insurance for self-employed is an affordable plan with a higher sum assured than most life insurance policies.
. It also helps you build a corpus for your golden years. Term insurance with a return of premium assures a lump sum maturity benefit that you can use for future financial crises.
. You can add riders to amplify the coverage on your term plan. These payouts help pay for medical expenses in case of accidental death, critical illnesses, etc.
Term insurance for self-employed is a safeguard that protects your loved ones after your death. It provides peace of mind knowing that your loved ones will be well taken care of despite the unstable income source and liabilities that you may leave behind.
Brands
Tessolve lands a semiconductor veteran to drive its next big push
Ravi Kumar Chirugudu, who started his career at ISRO and has spent 35 years building chips and companies, joins the Bengaluru-based firm as president and chief operating officer
BENGALURU: Tessolve has never been shy about its ambitions. The Bengaluru-based engineering services firm already counts 18 of the world’s top 20 semiconductor companies among its clients, employs more than 3,500 engineers across 12 countries, and last year pocketed a $150m investment from TPG. Now it has hired the executive it believes can turn those assets into something bigger. Ravi Kumar Chirugudu, a 35-year semiconductor veteran who once built satellite payloads for ISRO and has since scaled engineering organisations across three continents, joins as president and chief operating officer, effective immediately.
THE MAN AND THE MANDATE
The appointment is, by any measure, a serious hire. Ravi Kumar Chirugudu comes to Tessolve after senior leadership stints at HCL Technologies, Altran and Wipro, where he managed large profit-and-loss portfolios and oversaw cross-regional teams. Over the course of his career, he has been instrumental in bringing more than 1,000 new products to market across the high-tech, energy and manufacturing verticals. Before the private sector claimed him, he began his working life as a scientist at the Indian Space Research Organisation, contributing to research and development in charge-coupled device technology and satellite payloads, a foundation that shaped everything that followed.
In his new role, he will lead Tessolve’s global growth strategy: expanding its engineering capabilities, deepening customer relationships and accelerating innovation across semiconductor and high-performance computing domains. The brief is broad, but the context is specific. Tessolve operates in the $550 billion global semiconductor market, and its recent moves, the acquisition of Germany’s Dream Chip Technologies and the TPG funding round, have sharpened both its reach and its expectations.
Srini Chinamilli, co-founder and chief executive of Tessolve, is characteristically direct about why Ravi Kumar Chirugudu was the choice:
“As we scale our global semiconductor and system engineering capabilities, Ravi’s appointment marks an important step forward. As global semiconductor demand continues to accelerate across industries, it is creating significant opportunities across the semiconductor lifecycle, from design, packaging, validation and systems integration. Ravi’s deep knowledge and leadership in this ecosystem brings the right mix of industry expertise, customer connect and execution capability, which will play a key role in strengthening our position as a trusted global engineering partner and reinforcing our market leadership.”
THE NEW ARRIVAL SPEAKS
Ravi Kumar Chirugudu, for his part, frames the move in terms of timing and culture, two factors that veteran executives tend to weigh as heavily as title or compensation:
“I am happy to join Tessolve at a time when the industry is rapidly evolving towards more complex, AI-driven systems. What stands out to me is its strong people-first culture and its commitment to bringing value to its customers. The strength of its global team, combined with its deep expertise in semiconductor innovation and next-generation product engineering, creates a solid foundation to build differentiated, scalable solutions. I look forward to working closely with the team to drive strategic growth and strengthen its role in shaping the global semiconductor ecosystem.”
The reference to AI-driven systems is not incidental. The semiconductor industry is in the midst of a structural reshaping, driven by the insatiable compute demands of artificial intelligence. For engineering services firms like Tessolve, which offers end-to-end capabilities from silicon design to packaged parts and invests in high-performance computing, high-speed interfaces, photonics and 5G, the moment is both an opportunity and a test. The company says it is well positioned to capture the next wave of industry growth. Ravi Kumar Chirugudu is now the person who has to prove it.
He came in from outer space, literally, and spent three decades learning how the semiconductor industry works from the inside out. Now Tessolve is betting that accumulated knowledge can help it cross the next frontier. In the $550 billion global chip market, the gap between ambition and execution is measured in engineering hours and leadership quality. Tessolve has just gone shopping for both.
