I am 46 years old and own 50% shares in a private limited company with a turnover of Rs 10 crore. I draw Rs 50 lakh per annum. Should I buy a term plan or Keyman Insurance?

If both partners are ready then you can go in for Keymen Insurance for both of you. You should keep in mind that in the event of claim money will be given to your company and not to your nominee.