Key Person Insurance
Related Plans
Contact Details
Richtec Consultancy
Phone: 019-787 1313
No. 11-01, Jalan Mutiara Emas 2A, Taman Mount Austin, 81100 Johor Bahru, Johor
Key Person Insurance
A 'key person' is basically the most important person in a company; normally the owner, the creators, or a key employee or two in a small company.
A company buys a life insurance policy for one or more of its main employees, pays the premiums, and is the policy's beneficiary. The business collects the insurance payout if that individual dies suddenly. The importance of this coverage arises from the fact that the death of a key individual in a small business will result in the company's imminent demise.
Malaysia's income tax laws regulate the key person insurance tax deductible.
Key Person Takaful Insurance
The Key Person Takaful insurance is a key person insurance policy that complies with Shariah law. The A-Life Signature-i is a Syariah compliant fixed regular plan which covers death and total permanent disability (TPD). The minimum coverage amount is RM500,000.
Coverage Provided
In most cases, key person insurance is used to cover small companies. The insurance provides coverage for the company in the event of a short-term loss or effect. As a result, the amount of coverage is determined by the calculated business loss.
This insurance has very low premiums to cover the risk of financial disaster for the business and its stakeholders. You must first determine how much security you need.
