Job Loss Insurance Details: Job insurance is similar to life insurance and health insurance. In this, the policy holder gets the benefit of insurance cover in case of job loss.
Job Loss Insurance: Economic crisis has been seen in the country and the world in the last two years. First due to Corona Pandemic and now due to Russia-Ukraine War, a global jobs crisis has arisen. Crores of people in the whole world including India have lost their jobs during this period. Amidst the looming threat of recession, companies are laying off their employees.
In such a situation, in the absence of a job, it is inevitable to have the tension of household expenses, rent and EMI. In such an environment of uncertainty, you can take Job Insurance Policy for the safety of your family. Through this, in case of job loss, you get the benefit of cover by the insurance company.
What is job insurance cover?
Explain that job insurance is similar to life insurance and health insurance. In this, the policy holder gets the benefit of insurance cover in case of job loss. It is worth noting that at present insurance companies in India do not offer job insurance cover separately. You can take advantage of this insurance cover along with General Insurance or Term Insurance as well as by paying some fees separately. If you lose your job due to the term and condition given by the company, then in such a situation you can get the cover by making an insurance claim.
How to get job insurance cover?
As you have already been told that there is no such separate policy in India. You can add it along with the rest of the term or general insurance policy by paying a separate fee. The thing to note is that you will have to pay separately for this just like the rider cover. Along with this, the term and condition of different companies are different.
These facilities are available in job insurance cover-
1. In the event of the policy holder losing his job, the insurance company gives him financial assistance for a certain period of time.
2. For some time you get another income source to run the expenses of the house.
3. This company decides the grave and amount. In this case, get the term and condition checked thoroughly.
4. If you have been removed from the company due to corruption or any wrongdoing, then you will not get the benefit of this insurance cover.
5. Those doing temporary jobs do not get the benefit of this insurance cover.
How to claim?
If you have suddenly lost your job, then claim the insurance company with all the documents related to your employment. After this the company will verify this entire claim. After this, you will be given this claim only after getting all the things right. Keep in mind that this insurance policy is a temporary relief, but without income, it can give you relief in the midst of rising expenses.
