Partnership Insurance


Partnership Insurance – Best Insurance for the best journey
Partnership Insurance

Help firms mitigate risks and manage liabilities with our protection.

Partnership Insurance is primarily bought by a partnership firm, with the partners' lives being 'life to be insured'. This is to provide for funds to be paid to the legal heir/s of a partner towards their share in the capital & profits in the firm in the event of their untimely death.

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  • All the partners have to be covered, subject to their insurability.
  • The partnership firm is the Proposer.
  • The partners would be the 'life to be insured'.
  • The partnership firm will pay the insurance premiums.
  • Each partner will be issued an individual policy. The policy will be issued to the partners in the name of the firm
  • Helps to repay the deceased partner's share in the capital and profits to his/ her legal heirs
  • It will work for business continuation and replacement of partners.
  • No personal funds will be utilized for the running of the business in case of the death of one partner.
  • Banks will be confident in continuing to conduct their business with your company.
  • Helps to save business capital in the event of death of any partner

  • 1. The premium paid is allowable business expense under section 37 (1) of the Income Tax Act 1961.
  • 2. Claim received will be treated as business income under section 28 (VI) of the Income Tax Act 1961.

    Audited balance

  • sheet and Profit & Loss account for the last 3 years.
  • Income tax returns for the last 3 years.

    • Provisional balance sheet and

  • Profit & Loss Account till the quarter last ended prior to the date of application - duly certified by a practising Chartered Accountant/ firm of Chartered Accountants

    • Audited balance

  • sheet and Profit & Loss account for the last three years of EACH PARTNER.
  • Income Tax Returns for the last three years of EACH PARTNER.
  • Any other document that the U/W Dept. may require for assessing the risk .
  • • The Partnership Deed or a Supplementary Deed must contain a clause regarding withdrawal of capital and dissolution of the firm on the demise of a partner.
  • The Partnership Deed should contain a clause imposing an obligation on the firm to compensate the partner's contribution in the event of his / her death.

    • PRODUCT OFFERED

  • Only term plan without any riders

    • MOST APPROPRIATE SEGMENT

  • Partnership firms