I am worried about job loss and wanted to check if there is any insurance against layoff or job loss?
Mandeep Singh, Gurugram
There are a few life insurance policies that offer job-loss as an additional insurance cover. This is not a standalone policy and is offered taking into account the home loan repayment liability that one may have. What this basically does is to pay for the EMIs in case you are rendered jobless or meet with a critical illness that keeps you away from the job. It is essentially meant to provide coverage for loan repayment while you look for another job. Do not treat these policies as an income against job loss—that is not what it can do.
