Policybazaar.com launches vertical for insurance products that cover loss of jobs, income
Policybazaar aims to provide income replacement benefits policies to customers for a defined time period
Hyderabad: Insurance marketplace Policybazaar.com has launched a new vertical, where visitors can buy job/income loss insurance products. Users can learn about the product offered by SBI General, Shriram General, Universal Sompo, and Aditya Birla Insurance. Policybazaar aims to provide income replacement benefits policies to customers for a defined time period.
Currently, job or income loss insurance covers are not available or popularly sold in the market. Plans that have the coverage for job or income loss can be compared and easily purchased online. Some of them even cover the self-employed. The plans offer coverage where job or income is lost due to termination, lay-off or retrenchment. In this case, the plans helps by paying off loans for up to 3 months. In case, the job or income is lost due to accident that results in death, partial or permanent disability, or disablement, the insured can get weekly salary benefits for up to 2 years.
A loss of job or income insurance is an option to tide off financial exigencies while maintaining long-term financial stability. “The growing middle income group 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 or income insurance is the right policy to own to protect from such eventualities.” said Sarbvir Singh, CEO, Policybazaar.com
Few plans offer coverage for loss of job or income due to critical illness, partial permanent disability or partial temporary disability. Customers can even get tax rebate under Section 80 (D) of the Income Tax Act on premiums paid against the policy, a release said.
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