InvestorQ : What are job-loss insurance products and which company is best for taking such products?
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What are job-loss insurance products and which company is best for taking such products?

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Rashi Mehra answered.
4 months ago
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With the outbreak of the coronavirus pandemic, job loss or income uncertainty has become one of the biggest problems around the world. To deal with the situation several insurance companies have introduced the add-on facility to buy job-loss covers. Earlier, these products were not available as a single vertical and hence one had to take these plans along with insurance.

Considering this issue, PolicyBazaar has recently launched a standalone vertical which will provide benefits to those who faced losses due to the ongoing pandemic. This vertical has two types of plans available – one for loss due to termination/job-loss, and the other due to income/job loss due to death, partial or permanent disability.

Termination/Layoffs: Under this plan, the insurer pays the insured’s loan installments for three months.

Death/Disability: Under this plan, the insurer will pay the weekly salary ranging as high as Rs 1 lakh per week (subject to the customer’s net salary) for a maximum period of 100 weeks.

With the growing middle class in the country, people need options to safeguard themselves against the financial loss or shocks caused due to uncertainty. This step from the PolicyBazaar is a great move to help the insureds in need to cope with this pandemic.


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