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Group Gratuity

Gratuity is a statutory benefit to be provided to an employee as per the Payment of Gratuity Act, 1972 or as per own scheme of an organization if offering higher benefits. It is a lump sum amount paid out to an employee, upon his exit from employment and fulfilling the criteria prescribed in the Gratuity Act/the Scheme framed.

These statutory payments to employees create a gratuity liability for you as an employer. As an employer, one of your paramount concerns will be availability of sufficient funds to meet your company's obligation for these gratuity payments when needed.

This can be best achieved by opting to contribute to the Insurance co. Group Gratuity Plan, which helps you to meet your statutory liability as an employer.

Sailent Features:-
  • The fund accrues interest from day one with maximum yield
  • For claiming IT rebate, valuation done by Insurance Company would be sufficient.
  • No certificate from an outside actuary is required.
  • Earning of the Trust is tax free.
Future Gratuity Cover an added attraction:-
  • In the event of premature death often employee ,the sum payable as gratuity can be equal to the gratuity payable for the entire service (actual service + anticipated service ) under Insurance Company's Scheme, on opting for such cover at a nominal cost.

*May vary from insurer to insurer.

The details furnished above do not constitute the entire terms and conditions. For more details on the policy, please visit our office nearest to you. Our executives will be pleased to furnish further details.

Disclaimer: - Insurance is the subject matter of solicitation. The product brochure gives only the salient features of the plan. This document is not a contract of insurance and must be read in conjunction with the Benefit Illustration and Policy Document. The policy defines the terms and conditions within which the intent of the policy will be executed.