Job loss insurance is not a standalone product in India yet As the covid-19 crisis deepens, job cuts are happening across sectors.
But is there an insurance policy that could come to your rescue? Job loss insurance is not a standalone product in India yet.
It comes as a feature or add-on with personal accident, critical illness and home loan protection policies. Some other policies pay a lump sum for a number of unforeseen events, including job loss.
Such policies pay up to fixed percentage (usually 2-3%) of the sum insured per month (for a maximum period of three months) in case a salaried policyholder loses his job.