Partnership Life Insurance Scheme

What is PALINS?

The partnership Insurance is designed to take care of other partners in a business where they have entered into partnership agreement.

How it works:

The Business pays a life insurance premium on a partner according to the value of shareholding held by the partner on the death of a partner, the insurance company pays an agreed amount equivalent to the value of the deceased partner’s ownership stake so that the stake can be purchased from the deceased‘s heir.

Benefits:

The plan pays the Sum Assured or agreed benefit to the business for the benefit of a partner’s Estate.

1.    In the event of death of the partner.

2.    In the event of permanent disability of the partner.

Features:

  •  The life to be assured is a working partner e.g. the chief executive, Chief Operating Officer, Chief Financial Officer, Executive Directors etc
  • Sum assured equivalent is the Investment in the business.
  • Maximm age entry is 60.
  • Maximum age of Insurance coverage will not exceed age 69.
  • Medical examination may be required.
  • Disability benefit payment in case of total and permanent disability may be provided as an optional extra.