With the coronavirus causing the massive economic slowdown, it is estimated that about one crore people have lost their jobs during the pandemic and there may be uncertainty in many sectors. As the virus shows no signs of stopping, job losses have been in an upward trend since the countries across the world went into lockdown.
In view of the uncertainty, many insurance companies have launched special job loss insurance products in which your loan EMI will be paid by the insurance company for three months if the company is shut down, or you are fired.
The products that insurance companies have launched are job loss insurance products. By availing these products, you will get relief from the insurance cover if you lose a job or get laid off in the company.
As benefits of these products, insurance companies will help customers in paying their loan EMI for three months. Uncertainty about jobs has increased after COVID-19.
Notably, insurance cover will be provided only after three months of buying the policy. However, in case of taking VRS or being fired from the company due to other reasons, no claim will be offered. Most of the companies are giving an EMI cover of three months.
How much is the premium and EMI?
The insurance company will pay 75,000 on an EMI of 25 thousand on a loan of 50 lakh. The premium on such a policy will be from 8 to 10 thousand rupees. Critical Illness rider is also present in Job Loss Insurance.