BUSINESS INSURANCE
Business Insurance Solutions in LIC
LIC of India's special insurance solutions for businesses / institutions provides financial protection to their key person/s as well as employees.
1. Reward and Remunerate their key directors / employees in a tax efficient manner
2. Ring fence some part of their individual assets for their family’s usage only
3. Cover for exigencies created due to a key director/employees demise
4. Protection & provision for old age.
Types of Business Insurance Solutions:
To address these needs, we have following Business Insurance Solutions to cater these specific needs:
This is a unique opportunity which helps an entity create a long term reward program for an employee/director with both the employee/director and business entity enjoying tax benefits under provisions of Section 37(1), Dividend Distribution Tax & Section 10(10D)
Married Women Property Act (MWPA) :
This is the simplest form of trust creation to secure certain part of one’s asset by allocating a certain percentage under this provision by just signing a two page annexure. This act was passed in 1874 and has been used by many businessmen to secure their family’s future.
Key man Insurance :
A lot of business are dependent upon key individuals and their skills. Untimely demise of these can cause substantial losses or maybe even the closure of business. This solution helps us create a corpus to tide over such exigencies.