Contingency funds are more effective against sudden decline in income

Job loss covers have conditions attached

Millions have lost jobs or seen drastic reduction in income since the start of the pandemic. Many people seek financial products that could help them deal with a sudden drop in income. While insurance policies that offer coverage against job/income loss are available, they come with many exclusions and conditions attached.

Highlighting the need for protection, Sajja Praveen Chowdary, head (motor insurance) and new product lines, PolicyBazaar.com, says: “Middle-class salaried and self-employed people need options to safeguard themselves from sudden financial shocks as they tend to have liabilities, like EMIs.” PolicyBazaar recently set up a separate vertical that offers insurance products