Keyman insurance policy - Definition / Legal Terminology - Income Tax

Explanation 1 .-For the purposes of clause (10D) of section 10 of the Income tax Act 1961 , Keyman insurance policy means- a life insurance policy taken by a person on the life of another person who is or was the employee of the first-mentioned person or is or was connected in any manner whatsoever with the business of the first-mentioned person and includes such policy which has been assigned to a person, at any time during the term of the policy, with or without any consideration