Overview
This is a quick guide to the Income Protection Plan ("Plan") from Assurekit. This Plan offers benefits if you lose or are terminated from your job, as detailed in these Terms.
Buying the Plan ("Subscription") means you’ve read, understood, and accepted all these terms unconditionally. Be sure to also check our privacy policy at https://assurekit.com/privacy-policy.html.
This agreement between you and Assurekit is valid from the purchase date until the Plan ends or expires and outlines how to claim Plan benefits.
Disclaimer: Please keep in mind that this is just a explainer. The actual wordings on your plan are the actual terms and conditions of your plan.
Benefits provided under the Income Protection Plan
Key Benefits | What is covered? |
Payment of Salary | Reimbursement of salary payments for a period of 90 days, calculated in the manner set out in the Plan. |
Placement Support Structure | Placement expert to provide assistance and support services for seeking alternative employment/job, introduction to a placement network and reimbursement for job portal subscription. |
Coverage Summary
We will provide the benefits under the Plan in the event of involuntary resignation or termination arising from the employer’s discretion. The reasons for termination could include, but are not limited to:
Economic cycles,
Employer’s need to restructure itself,
Employer itself going out of business,
Change in function of the Employer (for example, a certain type of product or service is no longer offered by the Employer, therefore jobs related to that product or service are no longer needed),
Surplus of labour,
Employer’s business needs to increase profits or limit losses,
Mergers and acquisitions,
Resignation at the request or direction of the Employer, provided that the Subscriber has received any severance in the final settlement amount, and/or
Any other circumstance deemed by us to be beyond the control of the subscriber.
Terms & Conditions
CONSENTS & WAIVERS
No Income Guarantee:
Assurekit doesn’t promise or guarantee anything about your income or job. However, we’re here to help and guide you as much as possible to secure them both!
Using Third-Party Help:
Sometimes, we use other companies (third-parties) to help provide your services and benefits. If something goes wrong with these services or benefits, and it’s out of our control, we’re not responsible.
Short-Term Safety Net, Not Income Source:
The Plan is here to give you a little security if you lose your job in the short term. It’s not meant to be a regular source of income or a job.
We Use Your Information to Help You:
To give you the Subscription and/or benefits, we need to use some of your personal and sensitive info (like name, email, job history, ID cards, etc.). By using our Plan, you’re saying it’s okay for us (and our partners or other necessary third-parties) to use this information.
In simple terms: We’re here to support you, we might use third-party services, the plan is a short-term safety net (not a permanent income), and we’ll use your info to help provide your services and benefits!
ELIGIBILITY
Here’s who can buy The Plan:
You Can Work Legally: You must be legally allowed to work.
You Live and Work in India: You’re an Indian citizen living in India and working in a place under the Republic of India's rules.
You Work for an Indian Company Full-Time:
Your employer is registered in India and does its main business here.
You’re a full-time, permanent employee (not part-time, consultant, intern, on contract, or self-employed).
Your Company is on Our List: It should be on our master list, which you can check when buying the plan.
If you change jobs after getting the plan, here's what happens:
Let Us Know: Inform us within 30 days of leaving your old job.
New Job Must Qualify: The new company should be on our list and meet our criteria.
Update Plan: You’ll get a new plan doc with the updated company. If your salary increases and you want to change your plan, you can!
Waiting Period: You'll wait 120 days (or 90/150/180, as mentioned in your plan doc) before you can claim benefits at the new job.
However, you CAN'T buy the plan if:
You can influence your own firing (like if you're self-employed).
You work for or represent Assurekit in any way.
You’re switching jobs due to being acquired (‘acqui-hire’).
You’re in your notice period, know you'll be fired soon, are on a performance improvement plan, or know your job will end during the plan term.
Important Notes:
We can ask for more info or decline benefits if your claim isn't eligible.
When you buy the plan, you allow us (and third parties we work with) to check your background to verify subscription and claim details.
In short: you can get The Plan if you’re a full-time employee in an Indian company from our list. If you switch jobs, let us know, and some conditions will apply. There are also some specific situations where you can’t buy the plan. And remember, we’ll need to verify your details when you make a claim!
BENEFICIARY
You, the Subscriber shall be eligible to avail the benefits of the Plan and become a “Beneficiary”, if:
You have been employed for a continuous period of 6 (six) months at the time of making a claim for benefits,
you got to know of your termination 120 days(or 90/150/180, as per your plan doc) after purchasing the plan.
You won't be considered a Beneficiary if you lose your job for the following reasons:
You choose to retire or resign (there are exceptions for forced resignation);
Your role is not confirmed during the trial/probation period;
You break the company's rules or don't follow ethical guidelines and policies;
Your job ends because you violated your employment contract or other work terms, but not due to poor performance;
You do or threaten to do something illegal or harmful - either at work, to a co-worker, customer, or anyone else;
You breach trust or confidentiality – like fraud, theft, lying, or other similar actions, even if it doesn’t result in a criminal charge;
Your job stops due to large-scale layoffs specifically due to a pandemic or similar situation;
Your job stops while you’re not receiving a salary or other payments;
Your job ends because an investigation against you (by your employer or an authority) is pending or starting;
Your job ends because your maternity/paternity leave isn’t extended;
You lose your job because of accusations, findings, or convictions related to harassment or sexual harassment;
You fail tests for alcohol, drugs, or substance abuse;
You violate anti-bribery or anti-corruption policies or similar rules;
You're accused or convicted of a crime under specific Indian laws or similar laws elsewhere; or
Your job ends due to major uncontrollable events, like war, protests, labor disputes, etc.
You can get job loss benefits after resigning if your employer asked you to resign and you've received any severance pay in your final settlement.
PLAN TERM
Plans are valid for one year.
BENEFITS
If you lose your job and it’s not for any reason we listed earlier (see Clause 3), and after we check everything checks out in the background check, here’s what you can get:
Salary Payment for 3 Months:
If we verify you were laid off correctly, you get 2 payouts in 45 day intervals. Each payout is 70% of your monthly salary, or half the plan limit, whichever is lower.
How do we figure out your 'take-home' salary? We look at the fixed part of your salary from the last 3 months. We don’t count bonuses or other variable pays.
Just note that there are limits and specifics according to our policy with IFFCO Tokio General Insurance Company Limited, with the UIN no. IRDAN106CP0002V01202324.
Help Finding a New Job:
We’ll assign a placement expert to help you find a new job for up to 3 months.
They will help with making your resume, connect you to a job network, and even prepare you for interviews with mock sessions and FAQs.
Job Portal Subscription Reimbursement:
In some cases we cover the cost of a job search portal subscription for up to 3 months. Just keep your invoices and receipts ready, as this will be a something you will have to reimburse from us.
Important to Know:
If we find out you weren’t truthful or your background check fails at any point, we will have to stop all benefits immediately. You’ll also have to pay back any benefits you received.
From time to time, we might offer extra benefits through our partners. But these will only be available to new Subscribers or sometimes at our discretion.
If you lose your job within 90 days(or 120/150/180, as per your plan doc) of buying the subscription/plan, you CAN'T get any benefits.
There are no pro-rata payments. You get your first payment if you are unemployed for 45 days, and second if you are unemployed for 90 days.
In a nutshell: If you lose your job and it's verified, you can get 3 months’ salary, help finding a new job, and possibly some other perks. But, if you're dishonest or lose your job within the waiting period, unfortunately, we can't help you :(
MAKING A CLAIM
If you lose your job, here’s how you can ask for the benefits:
Let Us Know:
Tell Assurekit you’ve lost your job within 14 days of it happening. Use any one of the ways available to you, such as through email([email protected]), helpdesk( support.assurekit.com ), or the Assurekit benefits app on the play store.
We’ll check some initial things:
Is your subscription still active?
Did you ask within the right timeframe?
If everything is good, we’ll get in touch for more checks.
What We’ll Check:
We’ll need some documents from you, and you’ll have 15 days to give them to us
We'll ask for:
Your last 3 months of salary slips.
Your Joining Letter
Your Termination letter
We'll use a vendor to verify:
Your EPFO status.
Your KYC details.
The reason you lost your job.
Your Employment history(usually limited to the company you were laid off from)
You Can’t Claim Right Away:
Remember: you can't claim benefits in the first 90 days(or 120/150/180) of your plan.
Only One Claim: You can make 1 claim during your plan
Keeping an Eye Out:
We’ll keep watching your EPFO and employment status while you're getting benefits.
If you get a new job and let us know, we stop the benefits.
If you don’t tell us and we find out, you agree to pay back what we gave you after you accepted the new job.
In a nutshell: If you lose your job, tell us quickly, provide necessary documents, and if everything checks out, you will get benefits. But keep us updated, especially if you find new employment!
CONTINUOUS ENROLMENT BONUS
Get a discount when you renew your plan, but only if you didn’t claim any benefits during the last term!
Less than 12 months of continuous plan: No discount
12 months: 5% off
24 months: 7.5% off
36 months: Maximum 10% off
Remember: You only get these bonuses if you haven't made any claims during your plan!
CANCELLATION OF THE PLAN
Cancel within 7 Days: Get a full refund if you cancel your plan within 7 days of buying it. If you bought it through a partner platform, the partner will process the refund. You can also reach out to them directly for cancellation
Cancel After 7 Days: No refunds if you cancel after 7 days from the purchase date.
We Can Cancel Too: We can cancel your plan but will give you a 30-day notice. Any benefits from the plan will then stop, but we might suggest other options.
Switching Jobs: You might be able to transfer your subscription to a new employer. Let us know in writing within 30 days of quitting your job, but be aware that there will be a new 3-month waiting period and we might say no to the transfer.
REPRESENTATIONS AND WARRANTIES
Age and Residency: You confirm you're at least 18 and live in India.
Lawful Behavior: You agree to follow relevant laws related to the plan.
Truthful Information: All personal information you give to use the plan is accurate and will stay accurate during the plan's term.
LIMITATION OF LIABILITY
No Liability for Certain Damages: Assurekit isn’t responsible for any specific, incidental, or consequential losses or damages related to delays or failures of the plan.
Capped Liability: The most Assurekit will pay is the one-time benefit under the plan.
No Payout Upon Death: If you pass away, Assurekit won’t pay benefits or give any payouts to your legal heirs.
INDEMNIFICATION
Your Agreement to Protect Assurekit: You agree to shield and protect Assurekit, its employees, and affiliates from costs or damage related to any legal action or claims resulting from:
Your improper use or actions related to the plan;
Any intentional wrongdoing, severe carelessness, or fraud on your part;
Not following applicable laws;
Breaking the terms of this agreement; or
Any issues with third parties due to your use of the plan.
This Protection Lasts: This responsibility to protect Assurekit will continue even after the terms end and is in addition to any other rights or remedies Assurekit may have.
MISCELLANEOUS
Uncontrollable Events (Force Majeure): Assurekit isn’t responsible for losses or delays due to events beyond its control, like natural disasters, government actions, wars, pandemics, or civil disturbances, and won’t provide compensation for such disruptions.
External Sites: Links to third-party websites are for your convenience and are not endorsed by Assurekit. Assurekit is not responsible for their content or your use of them, and any interactions or issues should be discussed directly with the external site’s administrators.
Assignment: Assurekit can transfer its obligations and rights under this plan to others without notifying you. You, however, cannot transfer your obligations and rights under this plan to others as they are personal to you.
Entire Agreement: The plan document you get, including any schedules, is the full agreement between you and Assurekit regarding this plan, and it replaces all previous discussions or agreements.
Governing Law: The plan is overseen by Indian law. Any disputes should be taken to a Mumbai, Maharashtra court unless settled by arbitration as per the Arbitration and Conciliation Act, 1996, in Mumbai, in English.
Dispute Resolution: All disputes will be settled by arbitration in Mumbai, with one arbitrator, in English, under the 1996 Arbitration and Conciliation Act, and decisions made will be final and binding.
Notices: Written notices will be sent to addresses provided upon purchase or modified afterward. To send notices to Assurekit, use: Office No.12, 7th Floor, Pinnacle Business Park, Mahakali Caves Rd, Shanti Nagar, Andheri East, Mumbai, Maharashtra 400093.
Waiver: If Assurekit doesn't enforce a part of this agreement, it doesn't mean it waives its right to enforce it later.
Changes to the Plan/Terms: Assurekit can change, end, or alter the plan and its terms. If changes occur, they’ll inform you, and if you disagree with the changes, you can end your plan. If you continue using the service for a month after changes are made, it’s considered acceptance of those changes.
SCHEDULE I
PLAN LIMITS
These are the PLAN LIMITS available in the income protect plan. You have to select one of the plans given below.
Sr. No. | Plan Limit (aggregate in INR) |
1. | 30,000 |
2. | 75,000 |
3. | 1,50,000 |
4. | 2,10,000 |
5. | 3,00,000 |
6. | 4,50,000 |
7. | 6,00,000 |
Example Scenarios
Scenarios that are covered under this Plan:
Being terminated from your job due to your company shutting down his division/team/vertical.
Termination from job due to redundancy.
Termination from your job due to downsizing.
Termination from your job due to your employer going out of business.
Termination from your job due to a merger.
Termination from job as part of a company-wide restructuring effort aimed at reducing costs and improving efficiency.
Termination from your job at the direction of the employer in lieu of termination, and receives severance in the final settlement.
Scenarios that are NOT covered under this Plan:
Voluntarily resigning to pursue a different career path
Termination from job after being placed on performance improvement plans due to poor performance at work.
Termination from job for failing an alcohol or drug test.
Termination from job during probationary period due to unsatisfactory performance.
Termination from job for stealing company property.
Termination from job for violating her company's code of conduct by using racial slurs.
Termination from job due to a COVID like pandemic.