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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.
If a Key Man is an employee/officer in the Company /firm, the quantum of sum Assured will be limited to ten times of annual remuneration paid to the employee. The value of perquisites can also be considered as part of remuneration to the extent of 30% of salary for this purpose.
For more details contact at insurance@stockholding.com |
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.
For more details contact at insurance@stockholding.com |
| High bonus from day one.
Child becomes owner of the policy automatically at the age of 18 years.
Risk commences after 2 years of policy or on completion of 7 years of age, whichever is later.
No medical examination of the child if age is less than 10 years.
For more details contact at insurance@stockholding.com
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Ideal for parents having less than a year old child.
Makes provision for education/ marriage of the child.
Extra benefit of waiver of premium in case of death of the policy holder.
This policy is given under non-medical scheme up to sum assured of Rs.1 lakh, if the prospect is having a child of less than one year of age as on date of registering the proposal. This non-medical is exclusive for other policies.
For more details contact at insurance@stockholding.com |
Moderate Premiums High bonus High liquidity Savings oriented
This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Premiums are usually payable for the selected term of years or until death if it occurs during the term period.
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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.
For more details contact at insurance@stockholding.com |
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.
For more details contact at insurance@stockholding.com |
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.
Moderate Premiums High bonus High liquidity Savings oriented
For more details contact at insurance@stockholding.com |
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.
For more details contact at insurance@stockholding.com |
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 |
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