Keyman Insurance

Keyman insurance

What is Keyman insurance?

Keyman insurance is a type of insurance policy taken out by a business house to compensate against any
financial losses that would arise from the death or extended incapacity of an important member of the business
specified in the policy. The policy term does not extend beyond the period of the key person’s usefulness to
the business.

Key person insurance does not indemnify the actual losses made but compensates with a sum assured specified on the keyman insurance policy.

What other benefits can i avail apart from life cover ?

• Critical illness
• Permanent total disability

What are the disadvantage of Keyman insurance?

• Limited rider benefits choices.
• All benefits terminate after the term is over
• Cannot take beyond 45 years
• If term life is opted then no cash values

What are the advantage of Keyman insurance?

• Very cheap
• It is pure life insurance plan and has nothing to do with market ups and down
• If whole of life is obtained then returns on premium is there
• It is a global plan
• No surrender penalty
• Cancel or top up anytime
• Premiums don’t change

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