Keyman Life Assurance Scheme is a Life Insurance cover effected by a company to compensate for the financial loss or loss of profit suffered following the death of a Key Member or Staff of the Organization.
The ‘Keyman’ here 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.
Two types of losses can arise — (a) Loss arising from profit reduction for the company and (b) Costs for the company in replacing the Keyman.
Below are the optional riders that can be bought alongside with any of the Corporate Insurance products:
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