Policybazaar on Tuesday launched a replacement vertical, where an individual can purchase job or income losses products. consistent with Policybazaar, the new vertical will help users to find out about job loss products offered by India's leading insurers like SBI General, Shriram General, Universal Sompo, and Aditya Birla Insurance. The insurance plans not only cover salaried class but even self-employed people.
"A major highlight of a number of the insurance plans is that they not only cover loss of income thanks to job-loss but even cover consumers if they're self-employed," Policybazaar informed.The plans offer coverage under two different conditions, the primary being one where job/income is lost thanks to termination/lay-off or retrenchment. In such a scenario, the plan helps by paying off loans for up to 3 months. The second condition is where job/income is lost thanks to disability or death. In such cases, the insured can get weekly salary benefits for up to 2 years.
"The growing bourgeoisie within the country needs options to safeguard themselves from sudden financial shocks as they have a tendency to possess liabilities of paying monthly instalments to service loans. A loss of job/income insurance is that the right policy to have to guard from such eventualities," said Sarbvir Singh, CEO, Policybazaar.com.
This year India's workforce was severely hit by the coronavirus pandemic. As many as 21 million salaried class lost their jobs between April and August, consistent with a report by the Centre for Monitoring Indian Economy (CMIE). Additionally, the pandemic and subsequent lockdowns also had a serious impact on the economic climate of India. As per the National Statistical Office (NSO), India's GDP within the half-moon of FY21 contracted by 23.9 per cent.
In the July-September quarter, the economy rebounded strongly because the unlock process and various relief measures announced by the govt helped address issues, but the pressure to get employment opportunities continued among the private sectors. to assist people leading with job or income losses Policybazaar has launched this new vertical.