If you are looking for the best keyman insurance in the marketplace then you have come to the right place as our company will provide you with the best keyman insurance, interest rates on it and will also give you the best critical illness insurance Singapore as we are famous for giving people loan at a lower rate of interest, and also we give loan for not a single option but provide multiple options to our customer to choose for, and they can also choose a multiple option coverage insurance for themselves.
Keyman insurance is defined as the insurance policy in which the proposer of the insurance in our case it is the company that proposes the employee, CEO or the director to take a keyman insurance loan. The premium is paid by the employer as well as the employee, but the huge amount of the sum has been paid by the company. If the person who is the holder of the policy makes a claim, then the whole amount of the policy will go to the employee only if the term of the policy is over or the employee is in urgent need of funds as he needs to have funds for his treatment. The keyman is the person in the company due to which the company in which the employee is working has made a huge profit and has also gained a lot of reputation in the market.
Who can become a keyman of the company?
There are many people who can become the keyman of the company, and in many cases, it is rather employees who have either given a good idea to the CEO of the business which has led to them becoming a giant company in the market and earning a huge amount of profit as well as making a reputation in the market.
The directors of the company can also become the keyman of the company and also key salesperson who is responsible to finding out unique methods to make sales of the product which the company is currently producing so that they can make some profit out of it. Key project managers can also become keyman as these are the people who are responsible for getting the funding for all the new or the old projects of the company due to which they have been able to get new customers as well as they have been able to employ more staff and also make huge profits.
How is the payment of the policy treated?
The payment of the policy is treated in such a way:-
- All the claim of the money of the policy can be taken at the time of maturity, death of the person who is insured by the company can also be taken when the insured person needs fund to pay for the bills of the hospital in case of any severe disease.
- If the keyman of the company is retiring, then the company has two options that it can choose from. They can either sell off the policy to the company for the value of money, or the company can also transfer all the rights of the policy under the name of the insured person which is not possible in many cases as the company has paid a huge amount of premium in the policy.
- When the time period of the policy is over it has been withdrawn by the employee in case of any emergency then taxation is done according to the percentage in which the company has agreed to take the amount of policy for and then the company will take some money from the insured person because the company had paid for the premium of the policy.
Ten advantages of taking a keyman policy
Here is the list of all the ten advantages of taking a keyman insurance policy:-
- In case of the death of the insured person, all the money of the insurance policy will go directly to the bank account of the company as they are the beneficiary of the policy as they have decided to take the policy for their employee and has also paid a huge amount of money in paying the premium of the policy.
- Any company can ask for the reduction in payment of the premium under the expense act of the law which is kept in mind while the company is under heavy expenses and is making these payments for their employee’s welfare and is also going to take the amount of money with them as a kind of profit.
- There is no advance request application that has to be sent to the tax authorities of the company as these policies are taken a spot on by the company and can ask for a reduction in premium at the time when they are making the first payment of the premium to the financial institution or the bank.
- This policy can be used as a profit for the company, and they can use the amount of money to pay for any losses or expenses, and they have to pay tax if they are given the money after maturity.
- The company can also raise the amount of loan on the policy from DBS bank at 12%.
- In fact that the policy is taken under the name of the employee and if he dies then the DBS or any other bank from which it was taken will give a big amount to their family and then company.
- The policy can be taken by the company, and some amount can be given as an increment or increase to the employee.
- This will also help the company to frame a tax-paying policy.
- This can also be used by keyman to cope up with any loss that occurred to him.
- This insurance is a sign of the positive attitude of the company towards the employee to keep him in for more time.
I hope you get the information you were looking for in this article.