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Does Any Insurance Compensate For Loss Of Income?

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01 Apr, 2022 by  Umang Upasham

Suppose a person has a home loan on him of about 25 lakh rupees. And due to some NON-medical event, the person loses his employment & unfortunately is unemployed for more than a year.


Does any insurance policy compensate for his loss of income while he is alive and not disabled? Can decreasing term insurance help here? Or are there any other investment or insurance options to protect yourself from such a future problem? Does LIC help any way?

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Hospital cash benefit acts as a disability insurance if you're hospitalised



Another form is critical illness cover that'll pay you upon diagnosis as a lumpsum



Stand alone disability insurance will only pay you to the extent of disability



If you're seeking any other form of support monetarily that can come only from opting for a loan against some form of endowment plan otherwise there isn't a product that simply pays you for being unemployed, well and not being disabled.

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01 Apr, 2022
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Dear Umang,


Insurance plans don't compensate for job loss due to company closing down or for loss due to non performance. In such scenarios the job loss is not permanent and only for a brief period. Yes a person could be employed again on a lesser package and not able to afford the emi's.


To cover such scenarios one therefore should have a emergency fund of 6-12 months of monthly expenses. Alternative income sources like rental income, freelance, etc also helps.


Some plans do offer riders to cover emi or loans amount but they come along with accident or critical illness or home insurance etc.


Regards

Rohit Dhingra


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