Tata AIA business life insurance solutions help in transferring the financial risk of an unexpected loss or disablement of a key decision-maker to the insurance company.
Enjoy tax benefits for the policy premiums paid as you can claim premium amount as business expenses.
Give your business the advantage of effective tax planning from our experts, who act as insurance consultants for your business. Additionally, our panel of CAs (Chartered Accountants) is there for query handling and opinions.
Our life insurance solutions provide your family with safety net in the event of your death. Your wife and children get sole and complete rights to the life insurance benefits. Protect them from financial distress like outstanding debt, litigations, family feuds, etc.
Boost employee retention & their productivity by securing the future of employees’ families. Life cover is available for even one employee.
Protect the SMEs against potential risks and liabilities, eventually assisting you in running your business without a worry.
Tata AIA business insurance solutions make your business more credible to potential banks, investors and lenders.
As a business owner, you can avail loan1 against your issued life insurance policy. It is offered digitally in just 24 hours with zero paperwork and no processing fee.
Suppose the Key Person of company decided to buy a Saving product of Rs. 5 Cr. The major benefits he will enjoy are below.
Tata AIA Life Insurance Fortune Guarantee Plus (Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan) • UIN: 110N158V11
A keyman insurance or keyperson insurance is a type of life insurance solution that protects businesses, their owners and other key stakeholders of the business. It secures Business Partners, Company Directors, CEOs, COOs & CFOs, etc. In case of the insured’s untimely demise, keyman insurance covers the future financial losses that the business or the company may have to go through. In other words, it secures your business during uncertain events, provides financial security for your family, offers tax benefits3 and many other advantages.
The employer purchases the policy on behalf of the employees and pays the policy premiums, which secures the employees and their families. Employer - Employee Insurance is a key tool to motivate employees, boost their productivity and enhance employee retention.
It is ideal for a married male business owner, to secure the financial future of his wife and children. It is an ideal insurance solution that helps the insured’s wife and children get undisputed access to the policy benefits at no additional cost.
FAQs
What is a Keyman Insurance?
The keyman insurance is a life insurance solution that protects businesses, their owners and other key stakeholders of the venture. Under keyperson insurance, the insured is a business owner or one of the main stakeholders. Hence, in case of this individual’s untimely demise, keyman insurance covers the future financial losses that the business or the company may have to go through.
How can a Keyperson Insurance benefit your SME?
Is there any age limit for keyman insurance policy?
Yes, the maximum tenure of keyman cover is 65 years with cap of INR 25 Crores.For increased tenure up to age 75 years, shareholding more than 25% is required for self &/or family. The maximum age at entry for keyman cover is 55 years.
How does the taxation work in case of keyman insurance policy?
All the premiums paid by the company are eligible as business expense u/s 37(1) of Income tax act, 1961. (refer circular 762, dated 1998)
Any claim received under this policy is treated as business income (section 28) in accordance to the provisions of Income tax act, 1961
What is Employee Insurance?
The employer purchases the policy on behalf of the employees and pays the policy premiums, which will secure them. These are some of the important features that employee insurance offers to the employees.
Who should avail Employee Insurance?
It is ideal for the employees of Sole Proprietors, Partnership firm or LLP firm and Company (public/ private) management.
How can Employee Insurance benefit your SME?
What is the minimum number of employees for an organization to opt for Employer Employee Insurance?
There is no restriction as to the minimum number of employees for an organization to opt for Employer Employee Insurance scheme. An organization with any number of employees can opt for Employer Employee Insurance.
What are the products that can be offered under Employer Employee?
Any product including Pension (FG Pension) can be pitched under both schemes of Employer Employee Insurance.
Who should avail Family Protection Insurance (Under MWPA)?
Family Protection Insurance (under the MWPA) essential for sole proprietors, business partners, company directors and self-employed professionals.
How can Family Protection Insurance (Under MWPA) benefit your family?
What is Partnership Insurance?
Partnership Insurance ensures that the continuity of the business is maintained even in the eventuality of losing a partner. All the partners are covered as per their respective insurability and get individual policy.
Why is Partnership Insurance required for FIRM?
The deceased partner’s legal heirs may ask for their share from surviving partners. In that case the question arises as to how the firm or surviving partners can arrange for purchasing the stake from legal heirs of deceased partner. Partnership insurance can help to avoid such a situation. The firm can purchase insurance under partnership insurance on the lives of all the partners and in the event of premature death of any partner, the firm will receive the insurance proceeds. This fund can be utilized for settling the deceased partner’s share without disturbing the working of the firm.
What products are eligible under Partnership Insurance policy?
Only pure term plans (without ROP) are eligible under Partnership Insurance policy as per IRDAI (Ref. Circular 037/IRDA/Life/Mar 06).
What is the financial underwriting for Partnership Insurance?
Financial eligibility is calculated as Average Profit before appropriation of remuneration and interest to partners limited to profit sharing ratio of the partner * Age multiplier, Adding back of Depreciation as per industry
Disclaimer
Tata AIA Life Insurance Company Ltd. (IRDA Regn. No. 110 ·CIN:U66010MH2000PLC128403. Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor/Intermediary or visit Tata AIA Life's nearest branch office or call 1-860-266-9966 or write to us at customercare@tataaia.com. Visit us at www.tataaia.com
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint. |