Sir,
The premium paid by the Company for insuring life of it's Managing Director is allowable expenditure or not?
The policy is not under the scheme of Key man insurance Policy.The name of the policy is LIC's Amulya Jeevan - 2.
At present the beneficiary of the policy/nominee is his wife.He is ready to assign the benefit of the policy to the name of the Company. One more thing is that, on the brochure of that insurance scheme, it is noted that " it is a protection plan which provides financial protection to the insured's family in case his/her unfortunate demise".
CAclubindia
