Life Risk Cover of Key personnel of Business houses can be secured under Key Man Insurance to cover financial loss on occurrence of death of Key Persons.
It is a pure term assurance plan with only benefits payable on death. Nothing is payable on maturity. It actually works like income protection as well as income replacement plan. The policy can be taken by any person between the ages of 18 years to 55 years for the term of 5 years to 25 years with maximum risk cover as Rs. 24 lakhs.