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  • First Key Person Insurance of Bangladesh

    Guardian Key Person Insurance

    Guardian Life Key Person Insurance policy has been designed to protect a company from the financial impacts of losing their key human resources due to death or disability.

    The monetary & non-monetary implications of losing such a critical member can be enormous. The Guardian Key Person Insurance is a Term Life Insurance Plan where the Sum Assured is payable in death or Total and Permanent Disability (TPD) of an individual life; Health Insurance may also be availed to supplement the product. This product can be your ideal solution for provisions during the loss of a critical human resource of your organization.

    WHY GUARDIAN KEY PERSON INSURANCE PLAN?

    • Financial protection against business risk
    • Boost the spirit and morale of the one most critical to your business
    • Substantial coverage amounts at unbelievably nominal prices
    • Protection of company’s valuation & prospect
    • Coverage upon death or Total and Permanent Disability (TPD)
    • Minimum coverage: BDT 10,00,000/- (Ten lac)
    • Maximum coverage: Any amount needed to secure the business (As per Guardian Life’s financial underwriting guidelines)
    • Premium payment mode: Regular (Yearly) and Single
    • Beneficiary is the employer organization of the Key Person - the organization may provide a part of the payout to the key person’s family
    • Age limit: Between 18 - 60 years
    • Policy term: 3 - 25 years
    • Maximum maturity age: 70 years
    • Supplementary benefits: Health insurance plan may be availed with the product

    GUARDIAN KEY PERSON INSURANCE UNDERWRITING GUIDELINES

    WHAT TYPE OF BUSINESSES CAN GET COVERAGE?

    Well regulated and recognized businesses are eligible for key person insurance coverage, with no set rules around the type of businesses who will qualify. If any business has a solid turnover with key person (s) who are responsible for the majority of profits or make a considerable contribution; key person insurance can be considered.

    METHOD TO QUANTIFY COVERAGE (SUM ASSURED)

    Minimum Sum Assured: BDT 10 Lac

    Maximum Sum Assured (Lowest of the three)

    10 times of the total annual compensation package for the Key Person which includes salary, bonuses and all other perks;

    or 05 times the average net profit of the company for the past three years;

    or 3.03 times the average gross profit of the company for the past three years

     

    NOTE:

    When there are many Key Persons in an organization to be covered under this scheme, then the total sum assured arrived at should be pro-rated for each Key Person in the ratio that his compensation package bears to the total compensation package of all the Key Persons

    For 2 and 3, when more than one Key Person from the same organization is to be covered, the total cover cannot exceed the overall limit prescribed

    Net profit: Profit after depreciation and tax

    Gross profit: Profit before depreciation and tax

     

    DOCUMENTATION

    SOLE PROPRIETORSHIP

    KYC (KNOW YOUR CUSTOMER) REQUIREMENTS (All KYC submitted should be self-attested by the proprietor)    

    • Recent photograph of sole proprietor
    • NID of sole proprietor
    • Address proof of business
    • AML (Anti Money Laundering) declaration (if not part of the application form)
    • Proposal form duly filled up by insured and usual medical requirements on the life of the Key Person
    • Key Person questionnaire duly signed by sole proprietor with seal and signature

     

    INCOME PROOF

    • Copies of income tax returns of the firm for preceding three years
    • Copies of audited Balance Sheets and Profit and Loss A/Cs for preceding 3 years
    • Proof of Key Person salary contract and individual ITR (Income Tax Return) receipt for last 3 years or less as applicable

     

    PARTNERSHIP

    KYC REQUIREMENTS (All KYC requirements duly attested by the authorized partner)

    • Partnership deed along with registration certificate (if registered)
    • Letter of authority in favor of partner signing the proposal
    • NID of the authorized partner
    • Address proof of business
    • AML (Anti Money Laundering) declaration (if not part of the application form)
    • Key Person questionnaire duly signed by authorized partner with seal and signature
    • Proposal form duly filled up by insured and usual medical requirements on the life of the Key Person

    INCOME PROOF

    • Copies of income tax returns of the organization/firm for preceding three years
    • Copies of audited Balance Sheets and Profit and Loss A/Cs for preceding 3 years
    • In case of employees: Proof of Key Person salary contract and individual ITR (Income Tax Return) receipt for last 3 years or less as applicable

     

    COMPANY

    KYC REQUIREMENTS (All KYC requirements duly attested by the authorized signatory)

    • Certificate of incorporation
    • MOA (Memorandum of Association) and AOA (Article of Association)
    • Certified true copy of board resolution passed in the meeting of board of directors containing following information:

    - Sum assured desired

    - Name and signature of the person who is authorized to complete proposal papers

    - The use of seal of the company

    - NID card of the authorized signatory     

    - Address proof of business     

    - AML declaration (if not part of the application form)

    - Key Person questionnaire duly signed by authorized person with seal and signature

    - Proposal form duly filled up by insured and usual medical requirements on the life of the Key Person



    INCOME PROOF

    • Copies of income tax returns of the company for preceding three years
    • Copies of audited Balance Sheets and Profit and Loss A/Cs for preceding 3 years
    • In case of employees: Proof of Key Person salary contract and individual ITR (Income Tax Return) receipt for last 3 years or less as applicable

     

    TRUST & FOUNDATIONS

    KYC REQUIREMENTS (All KYC requirements duly attested by the trustee)

    • Trust deed along with certificate of registration (if registered)      
    • Address proof
    • AML declaration (if not part of the application form)
    • Key Person questionnaire duly signed by trustee with seal and signature
    • Proposal form duly filled up by insured and usual medical requirements on the life of the Key Person

    INCOME PROOF

    • Copies of income tax returns of the organization/firm for preceding three years
    • Copies of audited Balance Sheets and Profit and Loss A/Cs for preceding 3 years
    • In case of employees: Proof of Key Person salary contract and individual ITR (Income Tax Return) receipt for last 3 years or less as applicable.

     DOCUMENTATION OF THE LIFE TO BE INSURED (KEY PERSON)

    • Color photo
    • NID
    • Last 03 months salary slip, if employee
    • ITR (Income Tax Return) receipt for last 3 years

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