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ICICI Pru Group Gratuity Plan

ICICI Pru Group Gratuity Plan is a plan enables employers to grant its employees an assured sum upon exit from their company. Gratuity is a statutory benefit that is provided to an employee at exit, provided the criteria as per the Gratuity Act is fulfilled. This benefit is paid as a lump sum amount to the employee. The Group Gratuity Plan ensures that the employer has sufficient funds to take care of their employees.

Eligibility - Who is the ICICI Pru Group Gratuity Plan for?

The following eligibility criteria must be fulfilled when applying for the ICICI Pru Group Gratuity Plan:

Minimum age at entry 15 years
Maximum age at entry 85 years
Type of Plan Group Gratuity Plan
Minimum Members 10

Sum Assured and Premium Payment Mode - What you Get and its Mode of Payment?

The sum assured, the policy term and the premium payment mode under the ICICI Pru Group Gratuity Plan is indicated in the table below:

Minimum Sum Assured Rs.1,000 (each member)
Maximum Policy Term 1 year
Premium Payment Mode Monthly, quarterly, half-yearly, and yearly

*Premiums vary based on age, location, plan term and other factors

Plan Coverage - What the ICICI Pru Group Gratuity Plan Covers?

The ICICI Pru Group Gratuity Plan offers the following benefits:

Investment Options
  • Unit Linked Plan
  • Non-participating Endowment Plan
Bundled Life Cover Flat cover of Rs.1,000
Scheme Administration Addition and deletion of member monthly

Benefits in Detail:

Investment Options: There are two investment options under the Group Gratuity Plan from ICICI Prudential. They are Unit Linked Plan or Non-participating Endowment Plan.

Bundled Life Cover: ICICI Prudential Group Gratuity Plan provides a flat cover of Rs.1, 000 to the members under this plan.

Add-On Plans – Additional Coverage under the ICICI Pru Group Gratuity Plan:

There are no add-on plans under the ICICI Pru Group Gratuity Plan.

Tax Benefits – How you can save with the ICICI Pru Group Gratuity Plan?

Under the Group Gratuity Plan, both the employer as well as the employee will be able to avail tax benefits. For the employer, as the plan is considered as an annual contribution and allowed as an expenditure or deduction in calculating taxable income of up to 8.33% of employees’ salary.

Other Benefits of the ICICI Pru Group Gratuity Plan:

Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Group Gratuity Plan are:

  • A financial advisor provided by the company
  • Online plan brochure
  • Call back from ICICI with details of the plan
  • Online comparison with other plans
  • Online application for the plan
  • Locate the nearest ICICI Prudential branch

Why you should Buy the ICICI Pru Group Gratuity Plan from ICICI Prudential?

The ICICI Pru Group Gratuity Plan is a flexible plan that allows customers to customise solutions to meet their specific needs. A dedicated group of service team that enables you to have a relationship manager for the policy. The settle claims and payouts are made on time. ICICI Pru Life is a company that has continued to dominate the Indian life insurance sector since its inception. As one of the company’s core values is customer focus, it is an ideal choice to buy the Group Gratuity Plan from ICICI.

Frequently Asked Questions (FAQs):

  1. What is the minimum number of members allowed under the ICICI Pru Group Gratuity Plan if it’s a formal group?

    A. The minimum number of members allowed under the Group Gratuity Plan is 10.

  2. What is the minimum life cover that can be availed under the ICICI Pru Group Gratuity Plan?

    A. The minimum life cover available under the plan is Rs.1, 000 for each member.

  3. What is the age range within which I can apply for the Group Gratuity Plan from ICICI Prudential?

    A. You can apply for the plan at any time between the ages of 15 to 85 years.

  4. What is the minimum policy term that I can avail under the Group Gratuity Plan?

    A. The minimum policy term under the plan is one year.

  5. How frequently can I opt to pay the premiums under the ICICI Pru Group Gratuity Plan Plan?

    A. You can pay the premiums monthly, quarterly, half-yearly, or yearly under the plan.