The company is the beneficiary of the policy and pays the premiums. This type of life insurance is also known as "key man (or "keyman") insurance," "key woman insurance," and "business life ...

You may hear “key person insurance” called “key man insurance” or “key woman insurance.” The business typically pays the premiums on this type of life insurance, and the insured person ...

with the definition of ‘key’ being whether the person’s absence would cause major financial harm to the company. A business might buy keyman insurance for its CEO, best salesperson or an ...

⏰ Estimated read time: 7 minutes Key person insurance, also called key man insurance, is life or disability insurance that a business carries on its core employees. If the key person dies or ...

The basic tenet of life insurance is to indemnify the survivors against financial loss. 'Keyman' is one such type of insurance. Keyman insurance can be defined as an insurance policy where the ...

A plain reading of the definition as per the Income-tax Act suggests that an insurance policy taken for any employee can be considered a keyman insurance policy. This difference between the ...

The objectives of both plans are different. Keyman insurance is meant to protect regular cash flows of a company due to death of a key person like a chief executive officer or sales head.

Keyman insurance is a pure term insurance plan taken by a company for its key employees whose premature death would cause a financial loss to the organization. The premium on such policies has to ...

Businesses in the Gulf countries need to pursue the ‘keyman’ Insurance, which could become a mandatory requirement for securing bank loans in future as it helps re-assure lenders of the ...

It had claimed Rs 45 lakh as a business deduction towards keyman insurance premium, which was paid by it in cash. The keyman insurance policy had a coverage of five years and the sum assured was ...