Even though we don’t have unemployment insurance in India, we have something very similar known as ‘job loss’ cover. This can be taken along with loans such as a Home Loan. The insurer will pay up to 3 months of your EMIs for the loan for which you took a job loss cover. Just like many other policies, this will also have a waiting period of about 30 to 90 days. You can choose to take the policy for 1 to 5 years. Most policies will not cover unemployment of self-employed individuals. It will also not cover termination, suspension or retrenchment. Always read the exclusions and terms before you choose a policy.