Job Loss Cover Insurance: The utility of job insurance increases to deal with the situation when the job is lost. Let us know what is job loss insurance cover and who can claim it?
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.
Policy
terms in job loss insurance cover >> In job loss insurance cover, according to the policy terms, financial security is provided to the insured in case of job loss 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.
Eligibility for Job Loss Insurance
>> The person applying should have a regular income.
>> The company of the applicant should be registered. This facility is not available for self employed people.
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.
