Key Person Insurance

Many businesses rely on the talents and skills of few individuals within the organization. Their contribution to the business has a major effect on the company’s profitability. These key persons are vital to the continued success of the business. A sudden death or Total Permanent Disability (TPD) caused by an accident to them may result in a major loss to the company.

Allied introduces Key Person Insurance (KPI) to help local businesses recover the loss they may undergo following premature death or TPD of these key persons.

Attributes of a Key Person

  • He is a person of integrity, public esteem and high credit worthiness in the market.
  • He has thorough knowledge of company’s business with excellent track record in Sales, Production, Accounts, IT or General Management.
  • Profit arises mainly due to drive, vision and enterprise shown by the key person who is actively involved in the business of the company and contributes handsomely to its success.
  • There can be more than one key person in a company depending on skills, technical expertise, and track record. Eg: Director, Partner, CEO, CFO, GM, Project Manager, Star salesman.
  • Premature death of the key person will adversely affect company’s profitability and investor’s confidence.


KPI solution

Company is the beneficiary under key person insurance. Sum assured is paid to the company on death of key person. This amount can be used to make up for sudden drop in profits due to his/her death. It can also be used to train another employee to replace the deceased key person. Business continuity can be ensured by using the claim amount to buy out shares of deceased partner by surviving partners. Total sum assured to cover all key persons is calculated based on company’s average profit for the last 3 years. Key Person insurance is also available for new companies.

  • Key person insurance is available under allied term insurance plan with low premium.
  • Sum assured is paid to the company on premature death of key person.
  • Nothing is paid on maturity
  • Total permanent disability due to accidents can be availed as optional benefit by paying extra premium.
  • Premiums are paid by the company on the full term of the policy.
  • Sum assured for each key person is decided based on his salary and contribution on company’s profit.
  • Minimum sum assured on any one key person is MVR. 500,000 and upper limit depends on company’s profitability.

Requirements for applying

  • Application Form
  • ID card of the employee and the registration certificate of the Company
  • Medical report of the employee
  • Premium
  • Financial documents as required

Key benefits

  • Premiums are exempt from Goods and Services Tax resulting in saving for the company.
  • Company is protected against financial loss in the event of premature death of key person.
  • Increases investors confidence
  • Interest of creditors,  banks and share holders are also protected
  • Business continuity is ensured
  • Policy can be used as supportive collateral for raising bank loans

Key Advantage

Premiums are exempt from Goods and Services Tax resulting in saving for the company.


Our Life Insurance Customers can pay thier premiums through BML BillPAY Service. The service is currently available only for Life Insurance Customers. But we have future plans to make it easy for our general insurance customers to pay their premiums online.

Next Steps?

  • For further information Call: 1600 Email:

News and Updates

  • Allied Insurance strengthens their CSR Initiative with New Pledges

    Allied Insurance Company of the Maldives launches new pledges under CSR initiative “Green for Good”. Reaffirming commitment for an environment friendly workspace. The new pledges were launched at the Opening Ceremony of 10to10 Dive held in Angsana Ihuru by Banyan Tree Group’s Sustainability Director and Banyan Tree Global Foundation’s Coordinating Director Dr. Steve Newman.

    August 31st, 2019
  • Allied Insurance successfully concludes FAIR Medical Conference & Healthcare Congress 2019

    Allied Insurance Company of the Maldives successfully concludes the first “FAIR Medical Conference and Healthcare Congress” held in collaboration with Federation of Afro-Asian Insurers and Re-insurers (FAIR) on 22nd - 24th July 2019. This two-day event was held in Paradise Island Resort, under the theme “A World of Opportunities”.

    July 25th, 2019
  • Ayady Takaful commences “2017 Surplus Distribution”

    Allied Islamic window; Ayady Takaful holds a press briefing session regarding “Distribution of Surplus” for the year 2017. As announced at Allied Special Event 2019, Ayady customers can submit claim forms till 31st March 2019, 4pm. Surplus application forms will be available online from Ayady website; as well as from Ayady Customer front office located in H.Orchid (In front of Velaanaage)

    February 11th, 2019