What is LIC keyman insurance??
3 Replies
Amir
(Learner)
(4016 Points)
Replied 20 June 2010
Dear Devendra,
You can go thru this article -
https://www.taxguru.in/income-tax/keyman-insurance-policy-income-tax-benefit.html
komal jain
(student)
(36 Points)
Replied 21 June 2010
Key Insurance is an insurance where a employer takes an insurance in the name of its key employee- whose death might cause severe loss to the business. Any sum received by the business against keyman insurance policy shall be taxable under the head PGBP, but if the policy is assigned to the employee, then any amt. receined by employee shall be taxable under the head salary and where the amount is received by the legal heir of the employee, then it shall be taxable under the Income from other source head of the legal heir.
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