Employer Employee & Keyman Insurance Assessment

1. We can login Employer Employee Insurance with SWP Product  through Mpro Journey?

• A.Yes

• B.No

2. Premium paid by the Employer  is treated as Business Expenses under which section?

• A. Section 36(A)

• B. Section 37(1)

• C. Section 37(A)

• D. Section 36(1)

3. In which Scheme under Employer Employee Insurance, Employee can be proposer of the policy?

• A. Scheme A

• B. Scheme B

• C. Scheme C

• D. Scheme D

4.  Term Plan with TROP  can be offered in Keyman Insurance

• A. True

• B. False

• C. Only with Regular Pay

• D. Only for Pay till 60

5. Keyman Insurance can be given to all Shareholders of the company ?

• A. No

• B. Post approval by Board Members

• C. Shareholders holding less than 51%  company shares

• D. Shareholders holding less than 26%  company shares

6. Premium paid for Employer Employee Insurance can be greater than the Annual salary of the Employee?

• A. Yes

• B. No

7. Gratuity benefit paid to the employee is Tax Free upto how much limit ?

• A. 15 Lakhs

• B. 20 Lakhs

• C. 25 Lakhs

• D. 30 Lakhs

8. Amount received in the hands of the employer is treated as Business Income under Section___ ?

• A. 28(vi)

• B. 37(1)

• C. 22(4)

• D. None of the above

9. Maximum Sum Assured allowed in Keyman Insurance is?

• A. Lower of 3 times of Net Profit or 5 times of Gross Profit

• B. Higher of 5 times of Net Profit or 3 times of Gross Profit

• C. Lower of 5 times of Net Profit or 3 times of Gross Profit

• D. Higher of 3 times of Net Profit or 5 times of Gross Profit

10. Can we sell Employer Employee Insurance to HUF?

• A. Yes

• B. No