Key Man Insurance

This query is : Resolved

Anurodh Somani (Querist)
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23 January 2008 Dear Sir
Our company has purchased Key man insurance policy (unit link plan) of their directors.

Policy Details
First Premium: Rs 500000/-
renewal premium is Rs 60000/-

Life Insurance Cover is Rs 500000/-

Due to financial problems company wants to assign this policy on individual name

Please let us know the tax implications for the same
to the company
to the directors as individual

And what are the tax implications for the company if company surrender these policies.

Kindly advice for the same
awaiting for your reply

regards
for
Krishna Terine pvt Ltd

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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29 February 2008 The surrender value of policy will be perquisite for the assignee.

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