Job Loss Insurance Policy: In this era of Coronavirus, people are facing economic crisis. According to a joint report by the International Labor Organization and the Asian Development Bank, about 41 lakh youths in the country have lost their employment in the Corona crisis.
At the same time, many jobs are in danger. Lockdown has affected all the sectors. Everyday, reports of cuts and layoffs are coming out. But in the meantime, now insurance policy can prove to be helpful for the people. Let us tell you that many general insurance companies are considering offering job loss insurance policy.
Amid reports of frequent layoffs in the market, Subhash Chandra Khuntia, chairman of the Insurance Regulatory and Development of India, has suggested insurance companies take up job loss insurance products. Let us know that the insurance industry is considering job loss insurance, income loss insurance. However, no company has such an insurance policy as of now. Khuntia has also suggested tapping the market for health-life insurance for migrant workers and general insurance policy for MSMEs.
Job loss insurance policy
At present, there is no job or income loss insurance policy in the country. However, companies offer this along with benefit health or home insurance products. Let us tell you that ICICI Lombard Secure Mind Job Loss Insurance benefits when the customer takes SIP of at least thousand rupees per month from ICICI direct. Also, the HDFC Argo Home Security Plan provides a three-month EMI benefit in job loss. In the Corona period, this danger has hovered over most sectors. In such a situation, if the insurance companies bring a job or income loss insurance policy, then there will be a lot of benefit.