Keyman Insurance

Keyman insurance is defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the employee and the benefit, in case of a claim, goes to the employer.

The “Keyman” would be any person employed by a company having a special skill set or substantial responsibilities and who contributes significantly to the profits of that organization. On the death of such employee, the sum assured will be paid to the company.