Fired by your employer? No worries, if you have bought any of these insurance policies

The early arrival of summer this time has not really gone well with many as several being handed over pink slips by their organisations and the list comprises of start-ups to e-commerce majors to IT giants. Now what should one do to buy immunity from sudden lay-off--buy an insurance and protect yourself from such an unfortunate dent.

First of all, who should take job loss insurance-those who are burdened with high monthly expenses and hell lot of EMIs like home loan, car loan etc. If you are one of them, then go for it If you are fired suddenly one fine morning, then this insurance cover will take care of your 50 per cent of monthly expenses and three EMIs depending upon terms and conditions of the policies. But remember, this unique insurance plan has a short tenure of five years in which only one claim can be made.

One should also keep in mind that these policies will help only if you are fired or get a pink slip from the employer. Though in a country like India, there are less pink slips happening as most of the employers create a situation or pressurise targeted employees to tender their resignations. Job loss insurance plans do not cover self-employed or unemployed persons, those who’ve resigned or taken retirement, employees under probation, or employees who’ve been terminated or suspended due to poor performance.

Job less insurance is the latest in the insurance industry in India. However, stand-alone job insurance is not dominant in the insurance industry. Some of the plans coupled with job insurance clauses available in the markets are, Home Suraksha Plan by HDFC Ergo, Safe Loan Shield by Royal Sundaram and Secure Mind by ICICI Lombard.