Key Man Insurance is an insurance taken by a business firm on life of an employee ( Key Man) whose services contribute substantially to the success of the business of the firm.

The object of Key man insurance is to indemnify business firm from the loss of earnings may occur because immediate replacement of the Key Man may not be possible.

Section 37 (1) of the Income Tax Act ,1961 provides that any expenditure laid out or expended wholly and exclusively for the purposes of business or profession shall be allowed as a deduction in the computation of income from business or profession.

Only Partnership firms and Companies are eligible for Key Man Insurance.

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Under this children’s plan, the payment of premium ceases on policy anniversary immediately after the child attains 18 years of age. The plan, besides offering risk cover, also offers payment of Sum Assured in installments at age 18, 20, 22, 24 and Guaranteed and Loyalty additions, if any, at 26 years of age. The close relations such as grandparents, elder brothers or sisters, uncles both from paternal or maternal side can gift 'single premium policy' for love and affection under this plan. In such cases also, the policies will be proposed by father, mother or legal guardian.

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Just as in the case of limited payment whole life polices, here, too, the payment of premium can be limited either to a single payment or to a term shorter than the policy. The endowment is, however, payable only at the end of the policy term, or upon death of the policy holder if it takes place earlier.

If payment of the premiums ceases after at least three years' premiums have been paid, a free paid-up Policy for an amount bearing the same proportion to the sum assured as the number of premiums actually paid bears to the number stipulated for in the policy, will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs.250 Such reduced paid-up Policy will not be entitled to participate in the profits declared thereafter, but such Bonus as has already been declared on the Policy will remain attached thereto.

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The benefits of this policy can be considered only for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Individuals engaged in dangerous pursuits will be rated against the revised tabular occupational extra rates. This policy covers the risk for triple the sum assured.

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Jeevan Anand is a With Profit Assurance Plan. It is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. The plan provides the pre-decided Sum Assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death.
 

This policy is issued on the lives of the husband and wife provided the female's life belongs to Category I or is actively engaged in her spouse's business. In case of death of one of the policy holder the surviving partner gets the sum assured, the premium is stopped and on death or maturity full sum assured along with bonus is paid back.

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Its once again that time of the year when most of you are on the look out for tax saving avenues for investment. And for most, insurance has been on the top of the list of choices. While earlier, buying insurance was mainly for tax benefits, but these days with increased awareness, consumers have been narrowing down on picking up the right policy that suits their future needs.

For more details contact at insurance@stockholding.com