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Bharti AXA General to launch unemployment insurance product

The product would cover the general credit risk of a person during a loss of job

August 14, 2012 5:30 IST | India Infoline News Service
Bharti AXA General Insurance may come up with an unemployment insurance product in FY12-13. Bharti AXA General is a joint venture between Bharti Enterprises and AXA group.

The company has applied for approval for an ‘unemployment insurance’ product from IRDA (Insurance Regulatory and Development Authority). If it gets the necessary approval, it will launch the product this fiscal,” Amaranath Ananthanarayanan, CEO, Bharti AXA General Insurance said.

According to Mr Ananthanarayanan, the product would cover the general credit risk of a person during a loss of job. For example, payment of equated monthly instalments of the person insured for some months. There are around six products which are pending approval from the regulator and will be launched after getting its approval.

Pankaaj Maalde, head-financial planning, ApnaPaisa.com said, “Unemployment insurance will be the first of this kind of insurance in India. We have to wait till what exactly it will cover, for what period and what is the premium payable for the same. This may open the door for newer types of insurance plans in India.”


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