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Group Gratuity Plan

Group Gratuity Plan is a non-participating, non-linked, fund-based variable insurance policy. With this plan, the employer can meet the obligation of statutory gratuity benefit to their employees. Contributions are paid by the policyholder each year to secure the gratuity benefit in order to provide life cover benefit, according to the rules of the policy. In this case, a single account is maintained for all the contributions made by the policyholder.

Key Features of Group Gratuity Plan

A few of the key features Group Gratuity Plan are mentioned as follows

  • Guaranteed interest rate
  • Built in Insurance arrangement for the employees for future service
  • Insurance cover for future service gratuity
  • Fund management under interest accumulation system
  • Claim settlement on exit as per company rules/gratuity act
  • MIS related to Income Tax and trusts accounts and Actuarial valuation

Benefits of Group Gratuity Plan

The Group Gratuity insurance plan offers the following benefits:

  • On death of the life insured during the term of the policy while in service before the retirement age, the sum assured, along with the gratuity benefit, under the basic plan is payable, provided the policy is active.
  • On retirement of a Member, the Gratuity Benefit will be paid as specified under the scheme.
  • Maturity Benefit: On surviving to the date of maturity, the life insured is paid an amount equal to the total amount of premium paid during the term of the contract. The amount will exclude the accident benefit premium and any extra premium, given the policy is active.
  • The insurance premium paid towards the Group Gratuity scheme is treated as deductible business expenses to the company.

Premium Payment

The premium or contribution by the policyholder is done on an annual basis.

Riders

The policy offers Accidental Benefit Rider, where on the demise of the policyholder as a result of accident, during the policy’s term, an additional amount, that is equal to Accident Benefit Rider Sum Assured is paid to the nominee.

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