Finance Review

The main cause of worry for all salaried people is that what would become of their families if something unfortunate were to happen to them. People, who are the sole breadwinners of their families, especially have this tension about an uncertain future and the fate of their loved ones. The Income Protection Insurance is aimed at relieving the tensions of people whose main source of livelihood is the fixed income that they bring home at the end of every month.

The fact that lack of money can lead to a lot of difficulties and problems in life neither needs neither proof nor explanation. Keeping this in mind people take up life insurance, so that in case the person dies, his family will have the much needed financial protection. To fight calamities and accidents, assets like vehicles, home, etc. are also insured.

But, a scenario where a person is unable to work because of sudden illness or a handicap due to an accident has been largely ignored by insurance companies and the general public too, till now. Income protection insurance is basically for those people who cannot resume their normal day to day job, either due to a sudden illness or a disability. This kind of financial protection is provided by the employer to his employees, wherein, the employees are paid a certain percentage of their monthly salary (mostly it is 60%, but it can also be more depending upon the employer’s policies).

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