In a bid to help people to deal with job losses during the covid outbreak, insurance marketplace Policybazaar has launched a new vertical, where visitors can buy Job/Income Loss Insurance products.
This new vertical will help users in learning more about the products offered by some of India’s leading insurers SBI General, Shriram General, Universal Sompo, and Aditya Birla Insurance. With this product, Policybazaar aims at providing income replacement benefits policies to customers for a defined time period.
In its official communiqué, the company states that the on-going COVID-19 pandemic and the induced lockdown had significantly impacted the economic climate of India. As per the National Statistical Office (NSO), India’s GDP in the first quarter of 2020-21 contracted by 23.9 percent and while the economy shows positive signs of recovery in recent months, there is continued pressure on the private sector to generate employment opportunities, states the insurance marketplace.
“The growing middle class in the country needs options to safeguard themselves from sudden financial shocks as they tend to have liabilities of paying monthly installments to service loans. A loss of job/income insurance is the right policy to own to protect from such eventualities.” said Sarbvir Singh, CEO, Policybazaar.com.
The new vertical will be offering exclusive plans for both salaried and self-employed individuals, and benefits offered under both, the categories vary from one plan to another.
In case of job loss due to termination/layoffs or retrenchment, the insurer pays the insured’s loan installments for 3-months (the installment amount is subject to the customer’s existing EMI).
The coverage for loss of income/job due to partial or permanent disability includes weekly salary benefit ranging as high as Rs 1 Lakh per week (subject to customer’s net salary) for a maximum of 100 weeks. Other plans even offer coverage for loss of job/income due to critical illness, partial permanent disability or partial temporary disability. Customers can also enjoy tax rebate under Section 80 (D) of the Income Tax Act on premiums paid against the policy.