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Keyman Insurance / Partnership Insurance / Employer - Employee Scheme

This document provides information on keyman insurance, partnership insurance, and employer-employee insurance schemes. It outlines the requirements for each type of policy, including necessary forms, medical reports, financial documents, and consents. Key points include that keyman insurance covers important directors or employees, partnership insurance covers partners, and employer-employee insurance allows group coverage of employees by their employer. Maximum insurance amounts are calculated based on the keyman's shareholding, salary, or partnership stake. Financial documents are required to verify the company's or partnership's profitability.

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Sumit Suman
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166 views10 pages

Keyman Insurance / Partnership Insurance / Employer - Employee Scheme

This document provides information on keyman insurance, partnership insurance, and employer-employee insurance schemes. It outlines the requirements for each type of policy, including necessary forms, medical reports, financial documents, and consents. Key points include that keyman insurance covers important directors or employees, partnership insurance covers partners, and employer-employee insurance allows group coverage of employees by their employer. Maximum insurance amounts are calculated based on the keyman's shareholding, salary, or partnership stake. Financial documents are required to verify the company's or partnership's profitability.

Uploaded by

Sumit Suman
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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KEYMAN INSURANCE /

PARTNERSHIP INSURANCE /
EMPLOYER-EMPLOYEE SCHEME

Underwriting & Reinsurance Department


C.O. Mumbai

Keyman Insurance
Proposed by the company on the life of any of its
directors who is a keyman
There can be more than one keyman in a company
All the directors need not be proposed under KMI
Only Term assurance plan allowed under KMI

KEY MAN INSURANCE


Requirements
Proposal F. No. 340, signed by the person authorized by the
company.
MHR in prescribed form by Manager Sales/ Marketing
Manager.
Medical Report from the medical examiner with adequate
limit.
Sp. Reports as per SUC of Keyman.
Copies of ITRs of the company
Form showing details of income & insurance by the Keyman

KEY MAN INSURANCE


Requirements
Copy of Memo. & Articles of Association
Copies of audited accounts including Balance sheet & P/L
accounts for last three years .
Certified true copy of Board Resolution containing, S.A.
desired, Plan & Term, Name & Signature of the person who is
authorized to complete the proposal, Use of seal of the
company-Ann. A
Keyman Quest signed by authorized person./Ann B giving
details of policies held under KMI and also role of keyman in
company.
Consent for endorsement.
Share holding pattern of company on its letter head

Calculation of max. allowable S.A.


Key man having shareholding in the co. / key
partner in a partnership firm 5 times of avg
net profits or 3 times of avg gross profits
whichever is lower.
Key man not having any shareholding/key
employee of a proprietary or partnership firm10 times of his avg annual salary.

Key Man under partnership &


Partnership insurance
PF in Form No. 340.
Copy of Partnership Deed.
Copies of audited accounts including balance sheet &
P/L account for last 3yrs
Letter of Authority in favour of partner signing the
proposal form.
Copy of supplementary deed of partnership.
Schedule of partners capital account.

POINTS OF IMPORTANCE UNDER KEYMAN

1. Under no circumstances company is making losses.


2. Shareholding of the L.A. not exceeding 51% and
family shareholding not more than 70%.
(Family means own + spouse + minor children).

Employer- Employee scheme


Eligibility as per individual insurance.
Employees shareholding in the employer company
should be < 51%.
Family shareholding in the employer company
should be < 71%.
The definition of family for the purpose of granting
insurance under E-E Scheme has been revised to
employee, his/her spouse and minor children only.

EMPLOYER-EMPLOYEE SCHEME
Requirements :
I.

Proposal form 300 or 340, if 340 submitted, then details of


assignment to be called as assignment has to be done within
reasonable period.
The medical examination, special reports will be decided on the
basis of SUC for individual life proposed.
If the employer is the proposer i.e. If proposal is submitted in F.
No. 340, a separate letter shall be obtained from the employer,
stating

II.
III.





The object of insurance


The restrictions he desires to impose in respect of surrender, loan
etc.
That he would assign the policy to the life assured immediately after
the
issue of policy.
That the letter should form part of the proposal.

It is not necessary that all the insurable employees of the employer be


covered under the scheme.

Books of Accounts or I.T. orders for last 3


years of the company to check the
profitability of the company as the premium
liability lies with the company.
Income proof of the L.A. as maximum
insurance is allowed as per his eligibility.
Copy of Board Resolution.

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