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.
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|
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
The ICICI Pru Group Gratuity Plan offers the following benefits:
|Bundled Life Cover||Flat cover of Rs.1,000|
|Scheme Administration||Addition and deletion of member monthly|
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.
There are no add-on plans under 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.
Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Group Gratuity Plan are:
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.
A. The minimum number of members allowed under the Group Gratuity Plan is 10.
A. The minimum life cover available under the plan is Rs.1, 000 for each member.
A. You can apply for the plan at any time between the ages of 15 to 85 years.
A. The minimum policy term under the plan is one year.
A. You can pay the premiums monthly, quarterly, half-yearly, or yearly under the plan.