Job Loss Insurance. In today’s economic era, it is not known when someone will lose their job. Especially in the private sector, there are reports of layoffs in companies. Sometimes a startup or a big IT company lays off a large number of employees. In such a situation, a question arises in the minds of people about what can be the option in case of job loss. Because when someone loses a job, there are many expenses, ranging from loans, rent and medical expenses. Which are necessary to manage. It comes in handy in this condition. This insurance can work to give financial security to people.
Till now, you must have heard about health insurance, life insurance, car insurance and bike insurance. Have you heard about job loss insurance? No, right? So let us give you information about it.
what is job loss insurance?
This is a type of insurance that gives financial help for a few months in the event of job loss. If a candidate suddenly loses his job. So under Job Loss Insurance, EMI, electricity bill, and medical expenses can be managed. Many companies are offering this type of insurance. You can buy it.
Who can take this insurance cover?
The thing to note for you is who can take this insurance cover, because not everyone can buy it. Companies have some important conditions. Its benefit is available only to salaried people working in the formal sector, so if you are doing a regular job in a registered company, whether it is an MNC or a startup, then you can buy it from this company, which will be useful to you in bad times.
How does the insurance cover work?
Let us tell you that when someone buys this, then in case of job loss insurance, you get a fixed amount every month, although it is available for a limited time. Due to this, in some policies, this amount is up to 10,000 every month.
How much premium will have to be paid?
The important thing for you to note is that the premium depends on your salary, profile and the term of insurance. If you take this policy through a group cover or a bank link, then it can be a little cheaper.
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Keep in mind that you will get the benefit of this insurance only when you lose your job suddenly. If you have resigned on your own, then you will not get the benefit, so if your company has done cost-cutting, layoffs or the company is closed due to any government order, then you will start getting the benefit of this insurance.