If the policy is assigned to the Life Assured. The Life Assured becomes the owner of the policy. And the policy becomes a Individual Policy from Keyman Insurance Policy. Surrender Value at the time of assignment will be added to the income of the Life Assured. Maturity value will not be added to the income as at the time of maturity the policy will be Individual and not Keyman.
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Tax Treatment of Keyman Insurance Policy
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If the policy is assigned to the Life Assured. The Life Assured becomes the owner of the policy. And the policy becomes a Individual Policy from Keyman Insurance Policy. Surrender Value at the time of assignment will be added to the income of the Life Assured. Maturity value will not be added to the income as at the time of maturity the policy will be Individual and not Keyman.
https://www.ird.gov.hk/eng/faq/keyman.htm
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