Pooja Agarwal

Top Management’s Risk
Management tool

Don’t let your Company Suffer due to your Untimely death

  • No prior approval is required from the Income Tax authorities
  • In case of the death of keyman, the company gets a sum to cope with the loss
  • The policy can be used as an extra age benefit or compensatory payment
  • The company can raise loans based on this policy


Key Benefits of Keyman Term Insurance

Comprehensive Plan

Keyman Insurance Plan covers natural and health-related death. There are alternatives available to... enrich the coverage by including add-ons like critical illness rider and accidental death benefit.

Death Benefit

In the circumstance of the death of the employee, the company receives the amount ensured to cope-up... with the loss and even assures business flow without any gap.

Tax Benefit

Keyman Insurance policy contributes to the company’s tax planning. Premium is permitted as business... yexpenditure subject to satisfaction of the assessing officer under section 37(1) of Income Tax Act, 1961.

Flexible Plan

Alternatives like recruiting & training efficient employee replacing, managing debt and liquidation of the company, ... or even strongly selling the company are all within reach when a business has coverage by a Keyman Insurance Plan.

how it works

How does it Work?

  1. 1Personalize Your Plan

    To customize your Term Plans, use our online calculator and create your premium selection.

  2. 2Fill Application Form

    Fill your details and answer few health-related questions.

  3. 3Pay And Upload The Documents

    To complete your purchase, pay from the broad set of options provided and upload the necessary documents mandated to issue the policy.

Why Choose PolicyAdda.com?

...
Claim Settlement Ratio

The better the ratio, the higher are the chances of getting your insurance claim settled conveniently. ... In fact, we cover maximum insurers with a high claim settlement ratio, to make your Insurance choice better and worry-free.

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15 Days Return Policy

Did not like the terms of the policy? What now? Well, do you want to opt for another Policy? ... No worries, our all policies come with a 15 days Free Look period, and that lets you compare the policy even after the purchase and return if you don’t like it.

...
Claim Support

We assure that every client is offered proper help for the claim processing. During this process,... our dedicated team members & Relationship Managers give in their best to ensure you with the correct guidance at the right time.

How to File a Claim?

  • Gather Your Receipts: To raise a claim, firstly, you must obtain a thorough invoice from your doctor or medical source.

  • Fill in an application form: This form is a document that declares and provides your insurance organization with more details regarding the illness or accident.

  • Keep a copy handy: It's a good idea to make copies as a preventive measure. Before submitting the claim to your insurance company, do organize your whole claim properly.

  • Review & Call: As you have all your documents filled out, send them to your insurance company and make sure to contact them on a call too.

Claim's FAQs

In this, an employer takes the insurance policy assuring against loss of profits happening from the death, illness, or injury of a key employee. Here, the beneficiary is the employer.

Though key person's insurance plan premiums aren't tax-deductible, the proceeds of the Keyman Insurance Policy are generally offered to the company free of income tax.

The Keyman Insurance Plan is worth 5 times lower than the average net profit of the company for the past 3 years. 2 times the average gross profit of the company for the past 3 years. 10 times of the Keyman's annual remuneration package.

Anybody with exceptional skillfulness, whose loss can generate monetary stress to the company, is eligible for Keyman Insurance Policy. For eg, they could be Directors of a Company, Key Salespeople, Key Project Managers, etc.

In Keyman Insurance Policy, the employer is the one who initiates the policy and pays the premiums.

For key-person insurance, a company buys a Keyman Insurance Policy on certain employee(s), pays the premiums, and is the beneficiary of the policy. In the event of the person's death, the company gets the policy's death benefit.