Importance of Partnership Insurance

Life is uncertain, but death is certain

Uncertain events create a huge impact on your business.

In case of untimely death of a business partner – partnership insurance will help you to sustain financial pressure.
Other partners can use these insurance proceeds to buy a deceased partner’s stake. This is only possible if these details are mentioned on partnership deed.
Legal exit process of a deceased partner can be done very smoothly with nil or very little financial pressure on the company.

Partnership firm proposes the policy and is the policy owner with partners as life assured.
All partners has to be covered as per their respective insurability and get individual policy
Premiums are paid by partnership firm
In case of a partner’s death, the firm gets the death benefit.

The premium paid is eligible for business expense deduction under section 37(1) of Income Tax Act 1961
Claims received will be treated as business income as per provision of Income tax act 1961.

Income tax benefits would be available as per prevailing income tax laws and subject to fulfillment of conditions stipulated therein. Income tax laws are subject to change from time to time. Financial Fitness does assume responsibility on tax implications mentioned anywhere on the page. Please consult your own tax advisor to know the tax benefit available to you.

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