These are the policies taken by a company to secure against sudden loss (by death) of its key employee(s) who may be senior managers or directors or other employees with the technical expertise that is valuable for the company’s future and profits. If the employee dies during the term of the policy, the employer receives a death benefit which compensates the employer for the financial loss suffered due to the death of the key employee. The employee covered under a Keyman insurance policy should be the key employee of the business who is instrumental for the success of the business.

1. Death Benefit: Payment of the sum assured + the vested bonuses on death of the life assured during the term of the policy.
2. Maturity Benefit: Payment of the sum assured + the vested bonuses on the date of maturity of the policy.
3. Terminal Illness Benefit: 50% of the sum assured is payable if the life assured becomes terminally ill and the balance along with the vested bonuses is payable on the death of the assured