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Is JobLoss/Layoff insurance real ?
I read many articles about job loss insurance or layoff insurance. Is this real ? Do we have such system in India also ?
If so which are the best insurance for this and what are the pros and cons.
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There are very few insurance providers for this. I have one from HDFC ERGO. It basically covers my loan EMIs in case of loss of income. It's applicable only if:
- You are not resigning voluntarily
- You are not terminated based on the performance.
Now, the tricky part is that most companies ask employees to resign during layoffs or termination. You have to ensure that in case of job loss, you have the correct relieving letter.
I still doubt the fairness of the insurance. And I hope I won't have to file a claim. But, it's better to have something than nothing.
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I think most companies are asking employees to resign. They are not technically layoffs. This insurance might have clauses to make sure that the employee is technically laid off which may not be possible to prove.... even if you take such insurance, please read clearly on scope of coverage.
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You need to be terminated for that. But companies make you resign and not terminate you.