You must have heard of health and term insurance, but salary protection insurance is not typical. There are certain things that you should know about such insurance. It is an essential aspect of self-protection, as it comes in handy during unforeseen circumstances. The terms and conditions of such insurance are pre-decided. It is an instrument that helps maintain financial stability and peace of mind and covers various financial gaps that are otherwise not included in other insurance plans.
This blog explores the meaning of salary protection insurance, its benefits, associated premiums, and everything else you should know!
Salary Protection Insurance: Understanding the Purpose and Meaning
Also known as income protection insurance, salary protection insurance covers a portion of your salary in case of unforeseen events and emergencies. This is a way to protect yourself in case of a financial emergency. You will have to pay a minimum monthly or annual premium for the respective insurance policy. The workings of salary protection insurance depend on the predetermined terms and conditions.
The premium is paid monthly, and coverage is provided for that particular month. Your premium can be as low as Rs. 200 per month with a coverage of up to Rs. 45000.
Things Covered Under Salary Protection Insurance
Salary protection insurance is designed to provide financial security in case of unforeseen circumstances that prevent you from working. While specific coverage can vary between policies, here’s a general overview of what’s typically covered:
Please remember that insurance policies commonly provide coverage for various circumstances:
- Illness: Most insurance policies cover many diseases that can prevent you from working. This includes physical and mental health conditions, from short-term ailments to chronic diseases.
- Accidents: Injuries resulting from accidents, whether at work or in your personal life, are typically covered by insurance policies.
- Disability: In the event of a temporary or permanent disability, your insurance policy may offer income replacement to support you during this challenging time.
- Unemployment: While less common, some insurance policies offer coverage for job loss. However, this coverage often comes with specific conditions.
- Critical Illness: Many insurance plans include coverage for critical illnesses such as heart attacks, strokes, or cancer, providing financial support during these severe health challenges.
It’s important to note that while these are common coverages, not all policies include them. Additionally, there might be waiting periods, exclusions, and limits on the amount of coverage. Thoroughly review the policy terms and conditions to understand the specifics of your plan.
What is Not to be Included Under Salary Protection Insurance?
Your policy can be terminated if you breach the law with criminal intent or incur an injury while performing duty in the army, navy, paramilitary force, or police, except for accidents. Specific orderly benefits do not cover other uses, consumption, and abuse of alcohol or drugs. The repercussions of such actions are not covered. Additionally, participating in mining and exploration while working underground is not covered.
Why Choose Us?
We at Stashfin envision the economic freedom of middle-income India. Our mission is to deliver honest and frictionless financial products that improve life. Insurance is a financial protection net for all consumers who might face unprecedented situations that lead to financial loss. Stashfin is the most trustworthy partner when buying insurance. The minimum premium of your salary protection premium is at most Rs. 200 per month for a cover of Rs. 45000. Using Stashfin, you can get income protection insurance provided by ICICI Lombard General Insurance.
Our interface is user-friendly, and our app is very easy to use. Above all, we prioritise the user’s convenience. Therefore, all our products, including salary protection insurance, are handpicked at the best rates and returns, suitable to our customer’s needs and requirements.
Final Words
In the corporate world, where there is no job security, getting insured against your salary is paramount, especially in unpredictable times. Therefore, get salary protection insurance from our dedicated financial platform, Stashfin!