FOR NEW PROPOSAL

Requirements for Key man Insurance proposal

Requirements for Key man Insurance proposal (for companies):
> Copy of Memorandum & Articles of Association.
> Copies of Audited Balance Sheets and Profit & Loss A/cs for preceding 3 years.
> Certified true copy of Board Resolution passed in the meeting of Board of Directors containing following information :-
>> Sum Assured desired.
>> Name & signature of the person who is authorized to complete proposal papers.
>> The use of seal of the company.

> Keyman Questionnaire (to be completed in the prescribed format and the same is to signed by the authorized person under the seal of the company).
Copies of I.T. Returns of the company for preceding three years.
> Consent for the endorsement for assignment/surrender to be placed on the policy.
> Proposal Form No. 340 and usual medical requirements (as applicable to individuals) for Key man.
> In case of employees: Proof of keyman’s salary/ copy of employment contract/Individual ITR’s/ Form 16 for last 3 years or less as applicable.

Requirements for Key Man Insurance under Partnership Firm:

> Proposal Form in F.No. 340 and usual medical requirements on the life of the Key - man Partner.
> Copy of Deed of Partnership duly attested by the partner authorized to sign insurance proposal along with copy of supplementary Partnership Deed.
> Copies of Audited Balance Sheet and Profit & Loss A/Cs for the last three years containing schedule of partner’s capital A/cs.
> Copies of Income Tax Returns of the firm for preceding three years duly attested by the authorized partner.
> Letter of Authority in favour of partner signing the proposal.

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