Job Loss Insurance: In the era of Kovid-19, many people’s businesses came to a standstill and lakhs of jobs were lost. And those people whose jobs are still running, the scissors went on their salary. Many people are burdened with home loan, auto loan, personal loan and not knowing what other loan installments are increasing due to business stagnation or loss of job.
Although the situation has become quite normal now, still the sword hangs on the jobs of many people.
Your loan EMI is being deducted from your salary account and in the meantime there is also the fear of losing your job. In such a situation, an insurance policy can prove to be helpful. This is known in the market as ‘Job Loss Insurance’ cover. Many general insurance companies offer this type of policy.
Benefits of job loss insurance
- There will be relief from insurance cover in case of job loss or layoff.
- The insurance company will pay the EMI for 3 months.
- After Covid, there was increased uncertainty among the people related to the job.
- Disability, cover will be available even after death.
- Insurance cover in case of job loss within three months of taking the policy.
- Insurance cover will pay EMI for 3 months.
- Weekly salary for 2 years in case of disability or death.
- There will be no claim on being fired from the job on VRS or error.
- Critical illness rider is also present in job loss insurance.
- For both salaried and self employed.
– Tax exemption on premium under section 80D. - Avoid putting long term savings towards essential expenses.
- Can avoid breaking FD.
- Taking insurance is a better option than taking a loan.
- Helpful when there is no emergency savings.
where to get cover JOb Loss Insurance
– SBI General Insurance
– Shriram General Insurance
– Universal Sompo
– Aditya Birla Insurance
– Future Generali
– Bajaj Insurance
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