Confused by their tagline “India’s 1st Income Protection Plan”
Aren’t these insurance schemes in the same category?
Got this detailed analysis/review of Jobsurance from Twitter.
I didn’t know that there was any insurance against job loss.
Guess ICICI, HDFC, Reliance and Bajaj didn’t promote it well.
Platform, Jobsurance, only provides insurance if your company has been registered for at least two years. Insurance is extended by Iffco Tokio
@kingzeusvj Thanks for sharing the information. I initially thought it was a recently founded insurance company specializing in job loss protection plans.
@alexnazy I can’t remember exactly, but I’ve come across similar plans in the past. I’m not sure if it was Kreditbee, MoneyTap, or Freopay, but they offer such protection plans bundled with their loan products for some extra amount and the provider was ICICI Lombard
If am not wrong, such plans offered coverage for one EMI in case you couldn’t make payments due to job loss or hospitalization.
Edit: It was FreoPay
@razack Sorry for my ambiguous sentence. I wanted to point out that they only insure your job if your company is more than two years old.
When I was at ICICI, they had this product back in 2009 and offered it as a rider with a home loan at a nominal fee.
@kingzeusvj Thanks for the information.
That’s going to be a small number of companies. Isn’t it?
Yeah. In fact, which insurer would provide it for all the startups? They have to control their outflow too.
But with a bigger demographic, the inflow would be much better than the outflow.
Ofcourse I am no expert here. They would done their due diligence. But I am curious…
True that. I am also no expert but I am sure they are binded, by their internal dynamics, apropos to how much risk should be taken.
But you are right if all companies come in the fray then it won’t be the question only if inflow vs outflow and it would be a win-win.
It would a good world if companies pay for this insurance like most companies do for the health insurance of their employees. That way all the employees will be covered just like healthcare.
I understand it’s difficult but one can wish…
Swiss companies pay half the premium for employment insurance, and other half is deducted from your salary similar to EPF [but ratio is 50-50].
German companies also provide employment insurance but ratio depends on the sector/industry. Beneficial point, companies pay extra premium if you have a children.
@kingzeusvj That’s cool. Thanks for sharing.
Just saw that almost all the big companies are available in the list. Companies which are 3 years old are available in the list like TATA, Reliance etc.
New companies are not available @kingzeusvj you can revise your comment.
@Adventure Well I mentioned companies which are more than 2 years.
There is a thing called ROC where you have to get your company registered.