Job Loss Insurance: There is a phase of layoffs going on in companies all over the world. According to a report today, education technology company Byju may lay off 3,500 employees in the current financial year. According to one of the sources, due to the sudden surge in online education, Byju (BYJU’s) had hired more people during the Covid-19 global pandemic, but now the demand has reduced due to which the company needs to make changes. However, the company has not fired anyone yet. A similar situation persists in other sectors including IT. But, you do not need to worry about this. Job Loss Insurance Cover (Job Loss Insurance Cover) can give great relief in such a situation. There are many such linked insurance and subscriptions available in the market. You can also add this as an additional benefit i.e. rider along with term insurance or any other insurance. While taking job loss insurance, customers must be careful about the terms and conditions. Every insurance company has different conditions related to it.
What things should be kept in mind while taking job insurance
In job loss insurance cover, financial security is provided to the insured in case of loss of job as per the policy terms. In most insurance, the policyholder is provided financial assistance for a certain period. Due to this, they do not have to face financial problems for some time. At the same time, there are many subscriptions which even help the insurance holder in finding a job. But, it is important to keep many things in mind before buying job insurance. Insurance has its own separate terms and conditions. You also get cover under job insurance cover even if you are temporarily laid off. Some companies do not provide insurance to those employed under contract. Whereas, it does not provide benefits in case of loss of job due to some fraud, corruption or other wrongdoings. In such a situation, it is important to read all the rules carefully.
What is the eligibility to buy job insurance?
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You are a full-time or permanent employee in a company.
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Not engaged in part-time, freelance, contract or any other similar nature of work
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Operating within the territory and jurisdiction of the Republic of India
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Meeting the insurance requirements of the company and credit rating
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The applicant’s company should be registered. This facility is not available for self-employed people.
What is covered under this insurance plan?
Under this, the economic cycle of the insured is maintained.
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Helping the insured find a job
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change in employer’s work
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Help in case of loss of job due to surplus labor
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Help to the insured in reducing losses in case of job loss
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In case of mergers and acquisitions
Are there any eligibility criteria to avail the benefits?
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There is a waiting period of 90 days from the date of purchase of subscription during which no benefits can be availed
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You must have completed at least 180 days with the company when requesting benefits
How to get the benefit of salary cover?
You should keep your membership document that you receive after purchasing the plan safe. To apply for salary cover, a dismissal letter is first required. Apart from this, in case of retrenchment, it has to be informed to the insurance company. The email related to this will also have to be given to the insurance company. The email will also require an independent confirmation from your HR. Apart from this, dismissal letter, latest 3 months salary slip, joining or appointment letter, any other document like PF details will be required. After this, after successful verification by the insurance company, you will start getting financial help. You will receive salary cover for a maximum period of 90 days. In the meantime you will have to find a job for yourself. The amount of cover will be credited to the account every thirty days of unemployment.
what is insurance
Insurance is a financial protection plan consisting of a financial structure designed to protect a person or property against unexpected events such as accident, disaster, illness or death. Insurance provides a means to protect against economic and financial losses associated with the consequences of loss of life or property.
