Keyman Insurance

At JJ Capitals, we invest time and effort in nurturing our team's talent and recognize the importance of key employees to in company's smooth operation. That's where our Keyman Insurance comes in.
Keyman Insurance is a policy where the employer, both propose and pay the premiums. It covers the life of a key employee, someone with special skills or significant responsibilities contributing significantly to the company’s profits.
If a key employee passes away, it could lead to two types of losses for :
(a) Reduced profits due to the key person's absence
(b) Costs to replace the key person

How it works?

With Keyman Insurance, in case of the employee’s death, the company receives a substantial sum assured. This amount is sizable enough to help it overcome business challenges and hire a new senior executive. It’s a financial safety net that goes beyond immediate concerns, ensuring the company stays strong.
Importantly, if the insured person stays healthy throughout the insurance term, there’s no payout, making it a smart tool to protect against unexpected events. Trust JJ Capitals to help secure your company’s future by managing the financial risks linked to the loss of key employees.

Benefits

Keyman insurance offers several advantages for businesses, whether they
are small enterprises or large companies:

Financial Security in Case of Employee's Death

If a key employee passes away, the company receives a lump sum amount to manage the loss and maintain business operations smoothly.

Tax Benefits

The insurance premiums can be treated as a business expense, providing tax advantages under section 37(1) of the Income Tax Act, 1961, subject to approval by the assessing officer.

Business Continuity Planning

The policy allows for strategic planning, such as recruiting and training replacements, handling debts, liquidating the company, or even facilitating a successful sale.

Crucial for Family Businesses

Especially vital for family-run businesses reliant on a few individuals, keyman insurance ensures that the business can endure the financial impact of an unexpected death and continue to thrive. The simplicity and affordability of obtaining such a policy make it an essential and straightforward business decision.

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