OTHER GROUP COMPANIES
market

Unemployment insurance product to be launched soon

Unemployment insurance will be the first of this kind of insurance in India, though it is very popular in foreign countries

September 20, 2012 3:32 IST | India Infoline News Service
Private life insurer Bharti AXA General Insurance is set to launch an 'unemployment insurance’ product that will cover the risk of being laid off. The company has filed the product with IRDA (Insurance Regulatory and Development Authority) and is waiting for the regulator’s approval.

The product usually covers 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. With many companies cutting down their staff and few new jobs being created, the risk of unemployment has increased. Unemployment insurance will be the first of this kind of insurance in India, though it is very popular in foreign countries.

There is a waiting period of 30-90 days before you can claim for a job loss. Your claim will not be honoured if you lose your job before the start of the policy or if it is impending at start of the policy. The term of these policies ranges between one and five years. But, a policyholder can claim only once during the policy term. These policies cover proposed applicants in the age group of 20-50 only.

Bharti AXA General is a joint venture between Bharti Enterprises and AXA group.

OPEN A DEMAT ACCOUNT & Get
FREE Benefits Worth 5,000

FEATURED ARTICLE

BLOGS

Open Demat Account

  • 0

    Per Order for ETF & Mutual Funds Brokerage

  • 20

    Per Order for Delivery, Intraday, F&O, Currency & Commodity