Keyman Risk Protection Policy
Keyman Life Insurance is an essential element of corporate risk management services. In this policy, the employer acts as proposer and premium payer, insuring a key employee to ensure financial payout directly to the business upon a claim.
Key Benefits
In case of death of a key executive, the company receives the sum assured to cope with financial loss and ensure business continuity. As part of employee benefits insurance management, premiums paid are eligible as business expenses under Section 37(1) of the Income Tax Act, 1961, subject to assessing officer approval. Funds help businesses recruit and train replacements, handle debt, or manage ownership transfers seamlessly. For organizations evaluating options to compare retail and life insurance products, securing keyman coverage offers a cost-effective solution for long-term business stability.