An employer may take a group gratuity plan with an insurance provider. The gratuity paid by the company is based on the terms of the group insurance scheme. The different types of group gratuity insurance plans are below: Unit Linked Plan: The Unit Linked Plan is a group policy with an indefinite policy term. Being […]
Articles Tagged: Group Gratuity policy
Statutory requirements for payment of group gratuity
One of the monetary incentives for staying in an organization long enough is the expectation of group gratuity payment. This is a lumpsum amount, a payment for services rendered over a period of time. Requirements for gratuity payment There are certain statutory requirements that an organization has to adhere to for the payment of gratuity […]
What are the various charges applicable to Unit Linked Group Gratuity Plans?
The purpose of a Unit Linked Group Gratuity Plans is to provide the employees with a lump sum benefit on their exit. This benefit is called gratuity. A Unit Linked Group Gratuity Plan is a retirement benefit plan that combines a gratuity benefit with investment options in the stock market. The payouts are based on […]