SBI Life launches keyman policy

SBI Life Insurance on Monday launched keyman insurance policy to provide cover to key members of a company who are major contributors to growth and profits and whose absence may affect the business.

The main objective of the keyman insurance is to protect the company's interest by reducing financial consequences due to the death of a keyman and helps to increase loyalty among key employees in the organisation, SBI Life insurance, a JV between State Bank of India and Cardif SA of France, said in a release.

The chairman, CEOs, MDs, directors, key management person, sales person, key project manager can be covered under the policy, it said.

"Keyman insurance is designed specifically to protect business interests, finances of the company. Our policy takes care of such risks and provides protection to the business in an event of key employee's death during the tenure of the company," its managing director and CEO S Krishnamurthy said.