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.
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.
- 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.