A job insurance policy insures the insured family by providing financial aid. This Policy is useful in case the primary source of income in the family losses the job.
An Insured individual can claim the benefits of the policy upon losing the job within the policy term, under the condition that the loss of the job is due to one of the reasons mentioned in policy terms and conditions.
This policy cover can be tailored according to the needs of the policyholder. The policyholder can enhance the benefits by add-on like critical illness and accidental cover. We can also add specific cover for Home Loans EMI for a predetermined number of months.
If you are worried about the Home loan EMI in case you lose your job, then this cover always got your back.
Features of Job loss insurance
- Financial aid to the policyholder in case of loss of job or income due to several reasons predetermined in policy wordings.
- It provides add-on features like the cover to Home Loan EMI’s for a specified period.
Eligibility criteria to get cover for Job Loss
The policyholder should be an employee of a registered company.
Refusal of policy cover
Insurers are liable to not cover the insured person with benefits mentioned in policy under one of the following circumstances.
- If the policyholder’s job nature is contractual, temporary, seasonal.
- If policyholder losses the job due to fraudulent acts or poor performance.
- Loss of job while the policyholder is on employer’s probation period
- Loss of job due to voluntary retirement.
- Loss of income during the waiting period of the policy.