Winning Bizness Desk
Mumbai. There is a bad phase of retrenchment in companies all over the world and companies are laying off employees. India may not be far behind. If for some reason the employees lose their job, then financial problems surface that make their lives miserable. 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 i.e. 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.
Applicant should have regular income
Every insurance company has its own terms and conditions or say eligibility for job loss insurance cover. Talking about the eligibility for job loss insurance, the person applying should have a regular income and his company should be registered. This facility is not available for self employed people. 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.
Policy conditions in job loss insurance cover:
In job loss insurance cover, as per the policy terms, 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 if you are 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.