Job Loss Insurance: If you lose your job, this insurance will come in handy, in this era of retrenchment, take job insurance cover
There is no standalone policy on job insurance in India
The utility of job loss insurance cover increases when you lose your job.
Job loss cover can be taken by paying separately in general insurance
New Delhi. There is a phase of retrenchment in companies all over the world. Companies are laying off employees. If for some reason the employee loses his job, then financial problems start. In such a situation, Job Loss Insurance Cover provides great relief to the employees. The utility of job loss insurance cover increases to deal with the situation in case of job loss.
There is no separate standalone policy related to job insurance in India. It can be added as a rider ie additional benefit with term and other insurance products. Usually it is taken with health insurance or home insurance policy. If the person loses his job due to any reason given in the policy, then in such a situation he will be given financial security. Every insurance company has its own terms and conditions regarding job loss insurance cover.
Read this too- New year, new rules and benefits! Know these important rules before buying a new insurance policy, the problem will go away
Policy conditions in job loss insurance cover
>> In job loss insurance cover, according to the policy conditions, financial security is provided to the insured person in case of loss of job and for this, you are helped with money for a specified period. In this difficult situation, you do not have to face financial problems and can get out of this difficult time by getting a new job in a few days.
>> In this cover, cover is available even after being temporarily suspended from the job.
>> Keep in mind that there is no benefit if the job is lost due to fraud, corruption or other wrongdoings and allegations. Apart from this, the protection of job loss insurance cover is not available during the probation period.
>> Apart from this, this insurance cover is not given to people working temporarily or under contract.
Qualifying for Job Loss Insurance
>> The person applying should have regular income.
>> The company of the applicant should be registered. This facility is not available for self employed people.
Read this too- Benefits of corporate health insurance will be available even after leaving the job, know what is the method and benefits of converting the policy?
How to claim on loss of job?
Due to some reason, the insured person will have to inform the insurance company about the job and will have to submit the necessary documents. After the verification is complete, the insurance company gives the claim.
First read breaking news in Hindi News18 Hindi| Read today’s latest news, live news updates, most reliable Hindi news website News18 Hindi.
Tags: How to protect your job, Insurance, Insurance Policy, Jobs, Job and career
FIRST PUBLISHED : January 28, 2023, 13:57 IST