Remember 9/11 terrorist attack, dotcom bubble, IT industry slump and them came the era of returning to India, pink slips, mass lay off … that was the story of un employed Indian IT pros.
Suddenly all smooth operations look like a shabby painting, car emi, house loan emi, personal loan emi are the worst hit parts if god forbid again we encounter a similar risk like that.Yes, being a IT professional is always a risk. We can either avoid, minimize or get the risk insured but can we have our jobs insured ?
In countries like Canada the concept of Employment Insurance is very much present. Employment Insurance provides temporary financial assistance for unemployed Canadians while they look for work or upgrade their skills. Canadians who are sick, pregnant or caring for a newborn or adopted child, as well as those who must care for a family member who is seriously ill with a significant risk of death, may also be assisted by Employment Insurance. In UK Income protection insurance is taken out against the payment of a debt i.e. it covers your repayments (whether it is a loan or a credit card debt) in the event that you lose your income due to unemployment, illness or accident.
In the UK more than two million people aged between 20 and 64 years of age have been off work for a period of more than six months. In such circumstances, income protection insurance can provide valuable peace of mind and offer security at times when money may otherwise be tight. Family Income Benefit Insurance pays a monthly income if the policyholder dies whilst the policy is in force. The monthly income will continue at the level specified in the policy until the policy’s termination date. These payments can either be index linked to rise to in line with inflation or to continue at a flat rate. If the policyholder lives to the end of the policy’s term, no benefit is payable.
Family Income Benefit Insurance is popular in the UK but is relatively unknown in other parts of the world. In India all major insurance companies are offering home loan with insurance cover. But the cover doesn’t protect you from unemployment from lay off, it’s a mere life cover. We need insurance where the risk is more particularly in volatile sectors like IT. Canadian employment insurance covers an employee from unemployment if there is a termination of employment [not by resigning] by mass layoff. The new Trillion dollar India’s one of the major exporting sector’s employees needs Income Protection or Employment Insurance.
Un Insured 