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Unemployment Insurance
September 14 , 2012

How about an insurance policy that pays you if your regular job is not around anymore to take care of your expenses? Such an insurance policy might find many buyers, especially in economically uncomfortable times like we are witnessing. Before you leave this page looking for such a policy, we want to caution that the insurance industry in India has not evolved so much yet. You had better created a contingency fund and prayed that the worst days are over.  

The closest we have come so far is a home loan insurance policy from HDFC Ergo that covers three EMIs in case of job loss and a critical care policy from ICICI Lombard with similar features. They only consider job loss from layoffs, retrenchment or due to health issues. Job loss due to poor performance or employer asking to resign is not entertained. The policies have stringent caps on entry age, term and sum assured.

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