Job Loss Insurance
How to Get Job Loss Insurance: The Utility Of Job Insurance Increases To Deal With The Situation When The Job Is Lost.
We all have expenses in our lives, but there is no guarantee that our income will be regular. Employment is very important for many expenses including home loan EMI, children’s school fees, car loan. If for some reason you lose your job, then these expenses cause financial problems. In such a situation, job loss insurance cover provides great relief to you. Due to the recession in America in 2008 and Corona tragedy in 2020, people all over the world had to see this kind of crisis. To deal with such situations, the utility of job insurance increases. Because, the possible risk of job loss is compensated by this insurance.
Also Read: Types of insurance
Let us tell you that like health and life insurance, the concept of job insurance is the same. However, there is no separate policy related to job insurance in India. It can be added as an additional benefit ie rider along with term and other insurance products. If a person loses his job due to any reason given in the policy, then in such a situation he gets financial security.
How To Get Job Insurance Cover
There is no standalone policy regarding job insurance in India. Therefore, it can be taken from you along with your other insurance policies like term and other insurance products with additional benefits i.e. riders. You can take it along with home insurance or health insurance policy. This type of cover can also be found in term insurance. However, each insurance company has different conditions for this.
What Do You Get When You Lose Your Job?
- Job loss insurance cover provides financial security to the insured in case of job loss as per the policy conditions. With this, you are helped with money for a specified period.
- Its advantage is that one does not have to face financial problems in that difficult situation.
- Every insurance company has its own different terms and conditions for job loss insurance cover. In this insurance cover, cover is available even if temporarily removed.
- Keep in mind that no benefit is available 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.