{"id":165,"date":"2020-09-24T07:50:12","date_gmt":"2020-09-24T07:50:12","guid":{"rendered":"http:\/\/blog.insurancesamadhan.com\/?p=165"},"modified":"2022-09-30T17:06:47","modified_gmt":"2022-09-30T11:36:47","slug":"keyman-insurance-policy-in-india","status":"publish","type":"post","link":"http:\/\/www.insurancesamadhan.com\/blog\/keyman-insurance-policy-in-india\/","title":{"rendered":"Keyman Insurance Policy: Definition, Documents &#038; Benefits of Key Person Insurance in India"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/keyman-insurance-policy-in-india\/#What_is_Keyman_Insurance\" >What is Keyman Insurance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/keyman-insurance-policy-in-india\/#Which_plan_can_be_sold_under_Keyman_Insurance\" >Which plan can be sold under Keyman Insurance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/keyman-insurance-policy-in-india\/#Which_type_of_firms_can_buy_Keyman_Insurance\" >Which type of firms can buy Keyman Insurance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/keyman-insurance-policy-in-india\/#Sum_assured_under_Keyman_Insurance_Policy\" >Sum assured under Keyman Insurance Policy<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/keyman-insurance-policy-in-india\/#Taxation_of_Keyman_Insurance_Policy\" >Taxation of Keyman Insurance Policy:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/keyman-insurance-policy-in-india\/#Documents_Required_for_Keyman_Insurance_Policy\" >Documents Required for Keyman Insurance Policy:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\r\n<p>In InsuranceSamadhan.com\u2019s A-Z Blog series on Insurance topics, we try to provide all vital information related to the Insurance sector and demystify certain myths related to the sector. In today&#8217;s blog, we are sharing detailed information regarding \u2013 Keyman Insurance Policy \u2013 and everything that one needs to know.<\/p>\r\n\r\n\r\n\r\n<p>Life Insurance on main earning members secures family future income in case of untimely demise of earning member. However same untimely demise can jeopardize a running business if the continuity of business is dependent on contribution of this person.<\/p>\r\n<center><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignnone\" src=\"https:\/\/www.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Get Resolutions for Insurance Complaints\" width=\"500\" height=\"70\" \/><\/a><\/center>\r\n<p>So future of family as well as business can be ensured through timely insurance of main person or persons. In business houses, this person is called Key Person and a business house has insurable interest on this key employee.<\/p>\r\n\r\n\r\n\r\n<p>Ashok Private Limited was a software development company and they hired Manish and Ajay on very high salary and sent them to USA for a specialized training on Artificial Intelligence. Total money spent on them exceeded over Rs 5 Crore.<\/p>\r\n\r\n\r\n\r\n<p>Manish died in an road accident causing major financial loss to Ashok Pvt Ltd because many clients threatened to leave who were working with Manish.<\/p>\r\n\r\n\r\n\r\n<p>Luckily accountant of Ashok Pvt Ltd and had opted for Key man insurance on life of Manish and received Rs 5 crore on death of Manish. Ashok Private Limited paid ex gratia payment of Rs 2 crore to family of Manish and kept Rs 3 Crore as reserves for loss compensation.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Keyman_Insurance\"><\/span>What is Keyman Insurance?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>It is a provision allowed under law that an Employer can insure its key employee to protect business interest of firm in case of death of insured employee.<\/p>\r\n\r\n\r\n\r\n<p>The keyman can be decided on the basis of its importance in business running like having a specialized skill or designation etc. Keyman Insurance is a concept under which a policy is taken.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_plan_can_be_sold_under_Keyman_Insurance\"><\/span>Which plan can be sold under Keyman Insurance?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Only a Term Insurance can be sold under Keyman Insurance. Earlier Saving linked Policy was sold but it has been stopped.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_type_of_firms_can_buy_Keyman_Insurance\"><\/span>Which type of firms can buy Keyman Insurance?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Public Limited and Private Limited Firms on key employees who are having less than 51% shares and key person along with family can not hold more than 70% share.<\/li>\r\n<li>Partnership Firms can have Partnership Insurance on all partners.<\/li>\r\n<li>Proprietary firms on key employees, firm can not take keyman on proprietor.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sum_assured_under_Keyman_Insurance_Policy\"><\/span>Sum assured under Keyman Insurance Policy<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>It should be justified on the basis of 10 times of annual income or 3 times of gross profit and 5 times of net profit.<\/p>\r\n\r\n\r\n\r\n<p>However any amount is possible if it can be justified eg a new firm can also go for keyman or a loss making firm can also plan keyman.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Taxation_of_Keyman_Insurance_Policy\"><\/span>Taxation of Keyman Insurance Policy:<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>All paid premiums are treated as business expense under section 37.<br \/>All claims are treated as income in books of the firm however firm can give an exgratia payment to the family of deceased. So it nullifies the impact on income of firm and exgratia payment on death is tax free in hand of family.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_for_Keyman_Insurance_Policy\"><\/span>Documents Required for Keyman Insurance Policy:<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Memorandum and Balance Sheet of the firm.<\/li>\r\n<li>3 years ITR of firm and insured.<\/li>\r\n<li>Board Resolution of firm seeking keyman insurance with clarity on how death claim will be treated.<\/li>\r\n<li>Keyman questionnaire justifying sum assured.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>So Keyman Insurance should be opted by all business houses for efficient risk management.<\/p>\r\n<center><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignnone\" src=\"https:\/\/www.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Get Resolutions for Insurance Complaints\" width=\"500\" height=\"70\" \/><\/a><\/center>\r\n<p>If you are facing any issue related to Keyman Insurance Policy, you must reach Insurance Samadhan who has experts team to guide you. We shall be pleased to support your case on technical and legal grounds.<\/p>\r\n\r\n\r\n\r\n<p>You can also<\/p>\r\n<p>Visit our website:\u00a0<a href=\"https:\/\/www.insurancesamadhan.com\/\">insurancesamadhan.com<\/a><\/p>\r\n<p>Call us on +91 9513631312<\/p>\r\n<p>WhatsApp: <a href=\"https:\/\/api.whatsapp.com\/send?phone=+919910998252&amp;text=Hi\">9910998252<\/a><\/p>\r\n<p>Mail us at\u00a0<a href=\"mailto:corporate@insurancesamadhan.com\">corporate@insurancesamadhan.com<\/a><\/p>\r\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\">Click here<\/a>\u00a0to register your case with us<\/p>\r\n<center><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignnone\" src=\"https:\/\/www.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Get Resolutions for Insurance Complaints\" width=\"500\" height=\"70\" \/><\/a><\/center>\r\n\r\n<script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\/\",\r\n  \"@type\": \"Article\",\r\n  \"mainEntityOfPage\": {\r\n    \"@type\": \"WebPage\",\r\n    \"@id\": \"https:\/\/www.insurancesamadhan.com\/blog\/keyman-insurance-policy-in-india\/\"\r\n  },\r\n  \"headline\": \"Keyman Insurance Policy: Definition, Documents & Benefits of Key Person Insurance in India\",\r\n  \"description\": \"Keyman Insurance Policy is an insurance policy where the key person of business is insured so the company becomes the beneficiary.\",\r\n  \"author\": {\r\n    \"@type\": \"Person\",\r\n    \"name\": \"Shailesh Kumar\"\r\n  },\r\n  \"publisher\": {\r\n    \"@type\": \"Organization\",\r\n    \"name\": \"Insurance Samadhan\",\r\n    \"logo\": {\r\n      \"@type\": \"ImageObject\",\r\n      \"url\": \"https:\/\/www.insurancesamadhan.com\/images\/logo.svg\",\r\n      \"width\": \"224\",\r\n      \"height\": \"47\"\r\n    }\r\n  },\r\n  \"datePublished\": \"2020-09-24\",\r\n  \"dateModified\": \"2020-09-24\"\r\n}\r\n<\/script>","protected":false},"excerpt":{"rendered":"<p>In InsuranceSamadhan.com\u2019s A-Z Blog series on Insurance topics, we try to provide all vital information related to the Insurance sector and demystify certain myths related to the sector. In today&#8217;s blog, we are sharing detailed information regarding \u2013 Keyman Insurance&hellip; <a href=\"http:\/\/www.insurancesamadhan.com\/blog\/keyman-insurance-policy-in-india\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Keyman Insurance Policy: Definition, Documents &amp; Benefits<\/title>\n<meta name=\"description\" content=\"Keyman Insurance Policy: It is an insurance policy where the key person of business is insured so the company becomes the beneficiary.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.insurancesamadhan.com\/blog\/keyman-insurance-policy-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keyman Insurance Policy: Definition, Documents &amp; 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