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Group Gratuity

Gratuity is a statutory benefit governed by Payments of Gratuity Act, 1972. Under the Act, it is employer’s statutory liability to pay 15 days salary (15/26 of a month's wages, taking the last drawn salary as the basis) for every completed years service to each of his employees on their exit, for any reason after five years of continuous service, subject to maximum limit of 10 lacs. The employee is eligible for 15 days of pay for each completed year of service, either on:

Retirement
Permanent Total Disablement during service
Death during service
Resignation from service

We offer you value by providing a platform of a large pooled fund providing smooth returns, safety through diversification backed by our in-house investment expertise.

Flexibility in payment of premium; you can pay contributions yearly, half-yearly or quarterly

Liquidity management - Allows liquidity; money available anytime to meet benefit payout

Death benefit, optional additional death benefit and other benefits: The plan has a built in death cover of Rs. 1000 that comes at no additional cost. Additional death cover, accidental death cover, disability cover or critical illness cover can be provided to your employees customized to suit specific needs. The additional death cover, as per your choice can be structured as flat cover, a graded multiple of salary or based on ‘loss of future service Gratuity’.