Key Man Insurance Plan
A company on the life of an owner, a top executive, purchases this life insurance policy or another individual considered critical to the business and its operations.
The company is the beneficiary of the policy and is responsible for paying the premiums.
This policy is particularly important for organizations, as it can settle outstanding loan balances of the business.
Age Limit
Life assurance cover is available for individuals aged 18–60 years.
Premium Payment
Premiums are paid by the business organization.
Companies can treat the premiums paid as a business expense.
Benefits
- If the key person dies, the insurance company settles the business’ outstanding loan balance.
- Contributes to the continuation of successful business operations.
- Helps the organization overcome financial inconsistencies during challenging scenarios.
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