Job Loss Insurance: Losing a job is a big blow to mental as well as financial health. In such a situation, job loss insurance can provide quick relief. Know how to get this insurance and how you can take advantage of it.
Job Loss Insurance Cover:
Retrenchment is a big blow to mental and economic health. A job is necessary to meet the home loan EMI, house rent, school fees, and daily expenses. Savings are the first to be affected in case of job loss. Job loss insurance can be a great support for you in case of job loss. This insurance compensates for the possible risk of job loss. Also gives temporary relief. Job loss insurance is similar to health or life insurance.
There Is No Separate Policy
There is no separate policy for going to a job in India. You can add this as an additional benefit to term and other insurance products. This is called a rider. You will have to pay separately for the rider cover. You can avail of this along with general, health, and term life insurance. Under this insurance, if the policyholder loses his job, the insurance company gives him financial help for a certain period. Apart from this, you get a source of a second income to run the expenses of the house.
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Will Not Get Benefit In This Condition
Job loss insurance is not available under certain circumstances. If you have lost your job due to fraud, corruption, or any other fraud or allegations, then you will not get the benefit of this insurance. On the other hand, if you lose your job during the probation period, then you will not get the benefit of this insurance. Apart from this, even if your job is on a contract basis or ad hoc basis, you will not get its benefit. In such a situation, before taking insurance, read all the conditions carefully and also check them thoroughly.
To claim insurance, you will have to give all the documents received by the company to the insurance company at the time of employment. The company will investigate these claims. If all the terms and conditions are fulfilled then you will get the claim.
