As the country’s economy is witnessing a downturn, private general insurer, Bharti Axa General is planning to come up with an Unemployment Insurance Product.
Company has applied for getting approval for an unemployment insurance product from the Insurance Regulatory and Development Authority (IRDA) and as soon as the company gets all necessary approvals it will launch it. Company is planning to launch it in current fiscal.
Earlier another private general insurer, ICICI Lombard had come up with such a product in 2009.
The unemployment insurance product will cover general credit risk of a person during a loss of job. For example, payment of Equated Monthly Installments of the person insured for some months.
Unemployment Insurance is a new product in the General Insurance category in the country. However, it is a popular product in the Western countries.
As per experts, as the country becomes more economically integrated with rest of the world and faces cyclical downturn in its economy, the demand for these kind of products will be higher in the coming times.
No comments:
Post a Comment