Loss of job. If an Insured Person suffers an Involuntary Unemployment during the Coverage Period resulting in loss of Income, then We will pay the monthly amount specified in the Certificate of Insurance against this Benefit, or the number of EMI Amount(s) as specified in the Certificate of Insurance falling due in respect of the Loan Account Number specified against this benefit in the Certificate of Insurance, as applicable, for each continuous and completed month specified in the Certificate of Insurance from the date of such Involuntary Unemployment. This benefit shall be payable subject to the following:
Loss of job a) your resignation or voluntary redundancy; or
Loss of job. In current times the threat of losing the job looms large on many of us. A loss of job not only renders the individual jobless, worthless (a feeling till you get another job), but throws life completely out of gear. Ask these questions to yourself… • How does your family survive the shock? • Have you catered financially to take of children's education, health needs and daily living needs? • Are you prepared financially to survive few months without pay? • What are your options to generate revenues when your steady source of income is lost? • Are your savings adequate to cushion the loss of job? • Do you have any alternate source of income? • Have you developed any additional skills that can help you in getting a new job or money? Below tabulation address the (1) other preparations and (2) money needs. Other preparations • Keep the family informed of a possibility of losing a job in today’s job market. Explain them the availability of a buffer from your end to meet this situation. • The buffer amount to cater the education needs, health, rent and other daily living needs for THREE TO FOUR MONTHS should be available. • How to arrive at this buffer? Calculate all the expenses that you currently do for a month and arrive at a figure. Observe this pattern for 2-3 months. Tracking of expenses that we discussed earlier will be very handy for this exercise. • This could give a tentative monthly expense. You need to have 4 times this amount as buffer to manage your expenses for 3-4 months. Money needs • If current monthly expense is Rs. 25,000, then the buffer amount needed is 25,000 x 4 = 1 Lakh liquid cash. • However, this need not be held as cash, but as short term Fixed deposit for 3 months. • This Fixed deposit can be renewed every 3 months. • The amount dispensed as final settlement by the current employer would also be handy along with the buffer. HOSPITALISATION Hospitalization seems to be a certainty in today's uncertain times!!! Hospitalization is not only life threatening, but costly in terms of finances. Some treatment very easily could cost 1-2 lakhs. We enjoy some protection in the form of Medical cover provided by our employers. But remember, some ailments are NOT COVERED by insurance companies. about dependents? Ask these questions to yourself… • Have you planned for such an eventuality? • Do you have adequate medical cover? • Are your family members aware of the details of medical cover? • Have you planned your finances to cater for such an eventua...
Loss of job any trip that is cancelled, cut short or altered as a result of:
