Employers pay the premiums for Keyman insurance policies. Moreover, employees who have significant responsibilities or unique abilities and make major financial contributions to the company are the beneficiaries. An example of a Keyman insurance policy would be one in which the policyholder pays the premium on behalf of the managing director of the company. Furthermore, these insurance policies are not exempt from Section 10(10D) requirements. The employer receives the claim amount in the event of the insured employee's death.